Replies to post #379900 on Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

Why do you persist?
The poster asked "What is the SEC rule on this?" There's no more an SEC rule that deals with an issue "in general" than there is a rule that governs "significant" events but provides some leeway.

You're a trading pro. The people who wrote the article at the link that I provided are "commercial advice on transactions, litigation and compliance matters" pros. If you take the time to read it you'll probably get this as a takeaway:
Both the SEC and the FDA have accuracy as a priority, not the calendar.

The SEC only cares that public information is properly distributed. They developed Regulation F(air) D(isclosure) the simplest explanation of which is that a Company can't release material nonpublic information to one party without disclosing it to all parties...see the rule for exceptions. It requires...and these are the terms in the rule...that in case of unintentional disclosure (2 senior execs overheard in the mens room) that broad disclosure be made "promptly" (as soon as reasonably practicable (but in no event after the later of 24 hours or the commencement of the next day's trading on the New York Stock Exchange) or when disclosed intentionally a full disclosure must be made "simultaneously".
That's the "SEC rule".
"https://www.law.cornell.edu/cfr/text/17/243.100";

As you can see Regulation FD deals with how material nonpublic information must be shared. The issue of what constitutes material information is more complicated but it's safe to say that DEFINITIVE top line results would be. See the linked article for some discussion of preliminary top line results.

Like it or not the law only requires that results be provided via the clinical trial register within a year of the trial completion date. Call it the FDA rule if you like (there really is no FDA rule).
https://www.ecfr.gov/current/title-42/chapter-I/subchapter-A/part-11


Can we be practical for a minute?
LE will be the first to know the top line results. Whether they are good or bad, whatever those things mean, he would be in a real bind if he decided to sit on them...and he is required to share them with everyone if he shares them with anyone. I would expect him to do that very quickly.
I think that legal jeopardy is the best argument against those who believe that he sat on the Prurisol data (not necessarily the same thing as "results"). It's not a risk worth taking.

His announcement that top line results are anticipated this week creates an unavoidable come to Jesus moment for him. He can't rely on Grandma died or the dog ate my homework explanations for a failure to report the results and he must know that.