Legal opinion - Obligation to make relevant information publicly availaible?
It looks like nothing is leaking out from yesterday's one to one meetings. Now I am not an expert of US laws, but is it legal to disclose confidential information to institutional investors only? Shouldn't UNXL be obliged , as publicly traded company, to make availaible all relevant information whatever information is providing, to all investors (small and large). This is the second time they hold private meetings and no update is given to the general public
Just because they hold one on ones, does not mean sensitive information is going to be revealed. Dude, it means nothing. Everyone must look at management collectively and Reed Killion as the leader. He has led this company over many years through ups and downs. He has amassed a great deal of experience in dealing with analysts, the media and shareholders. He is not about to divulge to some Joe the company's deepest secrets. Not even to institutions. He wants to win here, not loose. He wants to build a reputable company and will not jeopardize this company's future. When there is news to report that is significant, we will be informed. So wait patiently.
Of course they do. However, if they said nothing new and material, they don't have to issue a PR that says "nothing to see here, folks... move along".
Which tells you the basic fact: If you've been following the PR from the firm, listening to the CCs, reading the website content and the analyst notes (like the recent "tour" of Lufkin), then you know everything they heard yesterday, if not more.
UNXL said nothing material and new yesterday - otherwise, Reg FD would force them to announce it PRIOR to the conference.
I would assume that the conference was more for connections, confidence ensuring, backing, & sales pitch more than new revelations. Hopefully more support from biggies & coverage! A lot of green candlesticks today...hmmn.