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Re: insider tradingI respectfully disagree with your material event statement. Well/drill results usually substantially affect share price of an oil company and would be material imho. I bet some here remember PEC, one of Chen's bets, their last drill was a duster, the afternoon before the news was released, stock dropped 50%. Surely some insiders knew before us retail suckers. I am not sure of where these rules came from, but this popped up in a search of "SEC Insider Trading". I think it is significant in this case because something really spooked the market since news of an offer to buy normally means stock goes up. If the issue is insider trading, it could be a very serious issue for someone involved but I do not see it being as significant of an issue to the company and its stock as some other issues which could be much worse. The market appears to be expecting the worse as the stock tanked on the news of the buy offer and G$'s did not start selling until this week. In past 6 month G$'s sold 2.9mm shares of which 2.1mm came this week. Maybe an Institution?????? <><><><><><><><>< IV. WHAT IS MATERIAL, NONPUBLIC INFORMATION? Nonpublic, or inside, information about a Company that is not known to the investing public may include, among other things, strategic plans; significant capital investment plans; negotiations concerning acquisitions or dispositions; major new contracts (or the loss of a major contract); other favorable or unfavorable business or financial developments, projections or prospects; a change in control or a significant change in management; impending securities splits, securities dividends or changes in dividends to be paid; a call of securities for redemption; and, most frequently, financial results. All information about a Company is considered nonpublic information until it is disseminated in a manner calculated to reach the securities marketplace through recognized channels of distribution and public investors have had a reasonable period of time to react to the information. Generally, information which has not been available to the investing public for at least two (2) full business days is considered to be nonpublic. Recognized channels of distribution include annual reports, prospectuses, press releases, marketing materials, and publication of information in prominent financial publications, such as The Wall Street Journal. Nonpublic information is material if it might reasonably be expected to affect the market value of the securities and/or influence investor decisions to buy, sell or hold securities. If a person feels the information is material, it probably is. Moreover, it should be remembered that plaintiffs who challenge and judges who rule on particular transactions have the benefit of hindsight. If a person is in doubt as to whether information is public or material, that person should wait until the information becomes public. |
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