RPRX – As noted in a prior post, Reg FD violations are almost never prosecuted because the regulation provides a simple remedy: promptly filing a Form 8-K to render the selective disclosure non-selective.
However, the salient point in zipjet’s post is that the lack of a full-fledged prosecution does not make a Reg FD violation harmless. At a minimum, it adds considerable fuel to any class-action shareholder suits that might arise somewhere down the line.
Given that RPRX is a tiny “virtual” company, it’s conceivable that no one in management knew about the simple 8-K remedy. Alternatively, if the Reg FD violation was deliberate (as seems likely, IMO), the company may have made a calculated bet that nothing of consequence would become of it.
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