Quote:

---

The "material event" crew here says if trial results are clearly "not good," NP can't hide behind the FDA talks - the SEC won't let him. But, if results are good or great, does NP have the flexibility to say nothing, as he has?

---

Not a lawyer, but I believe the statement copied below from SEC document (section II under Timeliness) gave NP all the flexibility he needed to say absolutely nothing, if he chose. But he did opt to release the limited "neutral" PR this morning (which I view very positively for us shareholders, since there were hints of progress toward approval discussions)

https://www.sec.gov/about/offices/oia/oia_cor...isclos.pdf

Quote:

---

Under the general ongoing obligation approach disclosure may be subject to delay, to be granted in some jurisdictions by the competent authority, if:
(a) the information is confidential under legislation;
(b) the information concerns an incomplete proposal or negotiations or the disclosure of particular information is such as to prejudice the legitimate interests of the entity’s investors; in such cases the listed entity must ensure that the information is maintained strictly confidential.

---