Why was this info hid under the INVESTORS tab on the website, never being brought out in the open?
1 - Gary Rabin is no longer Chairman, replaced by Heffernan
2 - Members of the BOD were given over 1M shares in compensation, and took out stock options totaling 3M shares at a $0.0617 right to buy price
Re: Something very devious appears to be happening at ACT..........
“Can you really trust a company that has a spotty record?” says Arthur Caplan, a bioethicist at the University of Pennsylvania in Philadelphia.
No one has left the board or been newly elected to the board. The Chairmanship of the Board, which is fairly administrative and has no executive responsibilities, has moved from Gary Rabin, who is still CEO and a director, to Mr. Heffernan, who was already a member of the board. In the general discussion of the rules around the 8-k, this is NOT one of the required items that needs to be filed. It's not really of a significant magnitued YET, honestly, but it makes people feel better to feel they got their pound of flesh. I think that's what people are looking for... And we don't know the entire circumstances yet. Hefernan is definitely COB now. That's not in dispute.
"SEC Rule Fair Disclosure describes what must be released in a "timely" manner."
Black, with ACT(Gary) a timely manner is vague at best, and they did the required forms, but they did it in a very devious manner, not open and above board, as far as I am concerned anyway.
But it does seem that something is about to bust loose, and hopefully it's for the good of the patients and shareholders.
1. Gary is still listed as Chairman and CEO on the web site. Peopel are speculating based upon other information, not information on the web site or any announcement from the company.
2. While there is NO CERTAINTY that Gary is no longer Chairman, though he is still, apparently, CEO, there is much speculation being posted as if it ia a certainty. So I'd be careful about that. They will make it known when it is appropriate.
3. The rules around what they need to publicize is under the regulations around filing 8-K's. They do not likely have a responsibility to PR a shifting around of responsibilities on the Board of Directors. Chairman of the Board is not that consequential a position anyway. It's a nice thing to have, when you're CEO, and it does convey some authority at actual board meetings, but beyond that, the CEO still runs things day-to-day and the full board retains it's control. It's mostly an administrative post for the board.
""They will make it known when it is appropriate."
Bio, it's approprite now!
And as far as Heffernan being Chairman, and Gary now just being the CEO, it's documented on the SEC filing S-3/A on 12/23/2013.
The Chairman of the Board can fire the CEO by getting members of the BOD to go along with him/her.
I said previously they hide some very sneaky stuff on the website. Remeber this is how GR covered th video under forward looking statements.
Now they're at it again with compensation and BOD movement. Who is giving them this leagl advice? They must publish out in the open and not in a hidden fashion information even though posted per website. This suspect at best.
Please own DD as shareholders must support each other and watch them close. ALL speculation but very odd indeed. Why not just make an announcement to a wider audience so clearly everyone knows?
"Don't they have to make a public announcement when someone is moved or replaced or added?"
Nott, they put the SEC filed S-3/A on their website, deviously I might say they put it under the Investor tab. And like I said before they're acting like this is private corporation, not a publically traded one, where it's illegal to hide info from the shareholders, and use it for personal gain before releasing it.
The next positive step is for the BOD to fire Gary Rabin.