Paul, this is what happens when the SEC views conference calls with analysts as being "public dissemination of material information".
They served up a PR calling off the merger, which any reasonable person would have assumed to cause TLAB shares to rise...
...while knowing fully well that they planned to warn when they got on the horn with institutional analysts.
That type of info is material.
The decision not to include it in the merger PR was a conscious decision. I'd argue that the omission, given the subject matter of the PR, was, at best, grossly irresponsible and, at worst, a gross breach of fiduciary duty.
If the SEC thinks allowing upper management to intentionally reserve material information for dissemination to a select band of Street insiders on a conf. call is "a level playing field", they're wrong.
This practice is intolerable and must end.
Good trading,
Tom
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