If MNTA had a good and reasonable suspicion that tLovenox would be approved, and then did not disclose this to investors on their secondary, that to me would be materially misleading and most likely an actionable security fraud.
I have to conclude then that MNTA has no reasonable suspicion, anymore than anyone else of anything going on at the FDA other than what is said in its lawsuit, and what has been otherwise made publically available.
This does not change the fact that MNTA is probably prompted, in large part, by the real possibility that they want the money now, just in case, as they don't know any more than we do. And just in case, they want the money. So it probably signals nothing new other than MNTA does not know anything more than we do, and MNTA is not certain of anything, even if they have reasonable confidence.
I also think that MNTA planned all along to do a secondary after mLovenox approval. Think of it, as a corporate strategy why would you not want to raise money after a significant share price rise. MNTA could not know that the share price would fall dramatially so quickly after reaching brand new highs.
To sell securities to beat a tLovenox approval, without disclosing this strong and reasonable suspicion is just too blatnatly misleading. I therefore don't see how MNTA can have any material information that t-Lovenox approval is imminent, anymore than we do. They just don't know, but they listne to Teva rhetoric as well. No matter how self-serving and deceptive it may be, even MNTA can experience "angst" and want to raise money just in case.
I do think if the secondary goes off at a good price, then that confidence by institutional investors, who presumably have more "inside" perspective on the t-Lovenox issue, will be a positive stock catalyst.
Tinker
