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To: Jorj X Mckie who wrote (50690)2/12/2004 4:34:29 PM
From: quote 007  Read Replies (1) | Respond to of 57110
 
there was a rumor it appears that the drug wasn't going to be approved and the stock traded down and was halted and then it turns out it was approved


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Posted by: Vegas_Man
In reply to: None Date:2/12/2004 4:13:40 PM
Post #of 204389


IMCL halt:

here is a press release regarding the trading before the halt:

=DJ ImClone/Mkt Cap-4: Press Release Out, Stock Still Halted

Thursday, February 12, 2004 4:09 PM

The shares traded before Nasdaq halted ImClone's stock at 1:34 p.m. EST stand, Nasdaq spokesman Wayne Lee said.

The halt would normally lift once the company put out its own press release, which it did at 3:56 p.m. However, if ImClone were to start trading after hours, it could turn messy because so many investors will probably want to cover trades executed - or positions taken - on the false rumor. It was small investors - not institutions - that made the trades on the false rumor.

The Nasdaq can decide to keep the shares halted until Friday if it's in the best interest of shareholders, Lee said. He declined to speculate on when the halt will be lifted.

The Nasdaq remains in communication with the companies in situations like this he said.

ImClone officials still weren't available for comment.




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