I think that it was Material enough and it DID involve BVIG that it should have been made Public Knowledge right after the Directors' Meeting and the Record Date should have been announced THEN for some short time in the future so the PUBLIC knew. This would have made it fair for everyone. Very very very sloppy devious work on the part of Management. Regarding what you just posted .. the Public has the right to make trading decisions based on up-to-date info. In this case a lot of the Public traded with pertinent info HIDDEN. THAT is a crime. You betcha' the S E C is going to scuttle the S-1.