I would think that if Ntephe allowed Offor to be privy to material information relative to ERHC that was not made simultaneously available to all shareholders that it would be his (Ntephe) violation of regulations no matter how the information was acted on!! Deciding not to act is still acting !
In your case scenario Offor exclusively was provided with material information ! He then would have had the opportunity to make a decision re his investment not given to other shareholders ! Also both he and Ntephe misled shareholders by saying that Offor supported the offering ! And I believe that the comment was made that the offering was going well when clearly it was not !!
It then took a full 7 weeks for the results of the offering to be released !!
Clearly something was amiss as the sp crashed to the 4 cent level !
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