Biotech Values

[JJM760]

This discussion originated with Symphony Capital's 10b5-1 of 6 mil shares of DVAX a few weeks ago.

Allow me to hypothesize for a moment so that I may clarify something in my mind and might help some other posters who have similar questions.

According to the footnote in the 10b5-1, Symphony set this up as of 10/2. Now for the hypothetical:

Let's suppose that Kessler, who sits on the BOD, got wind that DVAX had had discussions with another company about potentially being acquired and decided to cancel the 10b5-1.

Is that:

A- illegal (insider trading)
B- immoral
C- both
D- neither

If DVAX was eventually acquired for a higher price, who would care? The shareholder's could give two s#@ts and the government would benefit from increased in taxes on the gains.