TC, the statement "may be different" is there because if the company has a cash dividend > 25%, then it is treated the same as if it was a stock dividend. That is why it says "may". If the cash dividend is < 25% then it is treated differently from stock dividends. According to the SEC site, ALL stock dividends have an ex-dividend date of the day after payment. Here is the quote from the SEC website:

Quote:

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Sometimes a company pays a dividend in the form of stock rather than cash. The stock dividend may be additional shares in the company or in a subsidiary being spun off. The procedures for stock dividends may be different from cash dividends. The ex-dividend date is set the first business day after the stock dividend is paid (and is also after the record date).

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GNBT lawyers were only looking at the FINRA site for guidance. It looks like the FINRA and SEC sites do not match. The company needs to find out which one is right. I would guess it is the SEC site.