<Mr. Risk says he didn't know the patient had tested positive for opiates or that doctors weren't blaming the Neurocrine drug. He didn't check with Neurocrine before putting out the report, the 25-year-old analyst says, adding that he doesn't believe it's essential to call companies before attacking or lauding their products. "I'm young and inexperienced and not afraid to be wrong," he says.
Mr. Risk, who calls himself "Risky," basks in the results of his work. "The portfolio managers said we scared the Street," he says. "Creativity knows no bounds with us. We're tracking down the truth.">
I'm reading intent to defraud into Mr. Risk's comments. In effect, he is proud that his work moved the share price, and unconcerned as to whether he was correct. He only seems to care that he knew which way the price would move, and that he knew it in advance of releasing his report. As a layperson, this meets my definition of manipulation. Of course, I don't have a lawyer hat to put on (nor a head that would tolerate such an encumbrance on logic).
In his next job, making license plates, he will learn to care more about accuracy. In the slammer, he will also learn to be "afraid to be wrong". |
