No, now you’re confusing an entirely different issue and we’re back to “material adverse event”. That is a contractual term some companies have that is not triggered by receipt of data. You’d need a specific contract to have a category defining delivery of data as a Material Adverse Event, which is NOT a Securities Law concept.
You are deeply confused and mixing and matching ideas to make up what you think is the law and it is nonsense. You do not know what you’re talking about.
“No I am not. You are conflating the issue of a statistical test by a third party contractor with a judgment or analysis of data by the company or FDA. A third party statistician hired by the Company gives a report to the Company that the trial did not meet its Primary Endpoint. That is a materially adverse event in a Phase 3 trial of a Company's lead drug any "reasonable investor" would think so, that is the test.
Another such material event would be a fatal AE attributed to the “
News 
Market Data 
Discover 
