I agree with you, that gray area can exist, and then they might go through a process with the SAB of figuring out what to do next. But where there is a clear result, imho, I can’t imagine not disclosing ASAP.
I’m already on record as not trusting management, but in this instance I don’ believe they would have a motive to not disclose a failed result within a short period of time, if not immediately.
As an aside, have to remember both LP and LG are lawyers, so they are subject to sanctions by the bar and both have professional reputations to consider.
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