Biotech Values

[biomaven0]

>MNTA

Note that the SEC slightly revised its guidance about cancellation of a 10b5-1 Plan. They now say that any cancellation of a sale under such a plan is tantamount to the cancellation of the Plan, and they would investigate all the facts and circumstances if a new Plan was then adopted.

From Wikipedia:

On March 25, 2009, the SEC staff revised its interpretative guidance regarding the circumstances under which the affirmative defense in Rule 10b5-1(c) is available. In particular, the staff followed the approach previously urged by some commentators to clarify (1) that the cancellation of a 10b5-1 plan could call the good faith of other, executed plans into doubt and (2) that the Supreme Court's decision in Blue Chip Stamps v. Manor Drug Stores, 421 U.S. 723 (1975), did not affect the SEC's ability to bring an enforcement action against a would-be insider trader who canceled a trading plan and did not trade in a particular transaction because a subsequent decision, Merrill Lynch, Pierce, Fenner & Smith, Inc., v. Dabit, 547 U.S. 71 (2006), made clear that Blue Chip Stamps dealt only with the implied private right of action for violations of Rule 10b-5 and not the "in connection with" requirement for all Rule 10b-5 violations.

Se also:

http://www.gibsondunn.com/publications/pages/SECStaffIssuesInterpretiveGuidance-10B5-1Plans.aspx

Peter