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Affymax, Inc. Message Board

  • thegreycorner thegreycorner Nov 12, 2013 9:14 PM Flag

    Can someone explain how CEO Arlene Morris sold off Millions a few days before bad new of PEARL trials?

    I know the LAFFY YMB can help me out. I had this explained to me once but it was confusing and I can't remember all the details.

    The way I remember it is that immediately after the PEARL trials were announced, the Laffystock dropped from something like $25 to $5. Shortly after that it became public knowledge that Arelene Morris, the LAFFY CEO at that time had sold approximately $5 million in Laffystock at around the very peak of $25. I am not positive about the exact details but it is my memory that she sold off everyone one of her shares and that she did this within one week of PEARL trial announcement. I also am not positive but it is my memory that the PEARL trials were not blinded and so in fact they were considered open-label.

    I do not believe Arlene Morris was ever investigated, along with CMO AMD - so it is my understanding that everything that these two ladies did was 100% totally legal. My question for the board is to explain to me again how this is not considered insider trading? I know it is not insider trading and that it is 100% legal but I just want to make sure I understand how it works because it seems real neat and I would like to be able to do something like this myself one day. Thank you.

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