I disagree. Since Acadia is located in California, many of their investors and their employees are there as well. If they had a conference call before the market opened this would entail many of their investors to arise before 6:30 in the morning. By waiting until 2 PM Pacifac time, they are giving all investors an equal chance to react to announcements they make. Waiting until the end of the trading day also gives them an opportunity to fine hone their presentation with everybody on hand.
Please look up SCLN and their results of the conference call held yesterday AFTER the closig bell . . . I believe they were No. 1 on the most advanced stock list in after-hours. Closed at $3.40 and up to $4.70 after conference. All the company did was sell a couple of thousand units of H1N1 vaccine to China.
With the coverage of companies on the internet, I doubt that leaking news would not be passed around quickly. The big boys don't seem to be selling, so it is low volume back scatter that is causing a temporary drop in share price. Companies will not "leak" information especially in these days of class action lawsuits being promoted by unscrupulous attorneys.