Replies to post #35461 on Drinks Americas Holdings, Ltd. (DKAM)

[sneaky_peaky]

On the flipside, anyone who does intense due diligence and comes up with a number of factors to justify a certain product introduction based on interviews given, or news stories already in print, is making "an educated guess." This could coincide exactly with the news the company later releases. That IS NOT inside information, or material non public news. It would only become material NON PUBLIC news if that same information came with an exact date the news would be announced. And then the news was in fact released on that date.

[sneaky_peaky]

Should be "I am not"

I, nor anyone who has come into possession of any information, are officers or officials of the company. Therefore, they are not obligated to follow the rules of Reg FD, yet they will still be in possession of "material news" or "material information". Once posted, that information is viewable by THE PUBLIC, but is NOT MADE PUBLIC BY THE COMPANY.

[Toxic Avenger]

OK, one more time. Whether news is "material" or not has nothing to do with its announcement. Here's what the SEC has to say about "material" and "non-public"
" Information is material if "there is a substantial likelihood that a reasonable shareholder would consider it important" in making an investment decision.38 To fulfill the materiality requirement, there must be a substantial likelihood that a fact "would have been viewed by the reasonable investor as having significantly altered the 'total mix' of information made available."39 Information is nonpublic if it has not been disseminated in a manner making it available to investors generally."

No qualification as to who makes it public nor does its materiality hinge on whether it's public or not. A message board is not a proxy for the company, and you, or anyone, can speculate as to what you think may happen or even "a friend of a friend overheard that ...". People reading the board can do what they want with that information. The poster may be liable for trading on news that he or she made public or they may be liable to the company for leaking private information, but someone reading a message board and acting on what they cannot know is true or false information - not an issue.

There is certainly a line between speculation and company provided information, but to say that speculation is "material non-public information" and subject to "insider trading" regulation is just plain wrong, IMHO.