Lets try this a different way. Forget contracts they don't come up in that hypothetical. I was using materially adverse events as "things that could substaintially negatively impact the value of the investment." We are stuck on this hypothetical as you either do not feel a reasonable investor would think report of failure of primary endpoint would negatively impact the investment or even if it did the company has no duty to report it to shareholders. I am not sure which. So let's try a new hypothetical to see if I can explain the concept to you. Thus: A Company (R) has one drug in clinical trials P3 and it is the lead compound and the future of the company rests with this one drug. R gets a report that a clinical trial participant has a AE that is possibly caused by the drug and he dies, arguments could be made that it was not the drug that cause the adverse reaction or death. It is reported to R's management. Does R have a duty to disclose this event to R shareholders? R is a publicly traded company. If they have a duty to disclose how should they do it and how long to they have to make the disclosure?
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