It has to done in a "timely" manner so as not to theoretically give anyone a trading advantage. I say theoretically because this guideline seems to be ignored by some companies.
Regarding PACB, I am assuming that were they to experience a relationship change with Roche or a significant change in their second half of the year forecast for revenues (remember, they told us that sales were back-ended into this year's second half), they would have to make an announcement as soon as they became aware of the change,
Like the song, "It's all in the Game." Wall Street does not exist for small (retail) investors. Does anyone really think these guys care about small buyers/sellers of perhaps, at most, a few thousand shares of stock when they can generate commissions from huge short sale recommendation that they "orchestrate" with quasi-secretive tips to large institutions/hedge funds, knowing that they will get the other side of those trades after the damage has been done?
With retail commissions down to next to nothing, these anal-ysts need a better source of income to keep their jobs. Overhead is not covered by commissions of $7.95 a pop.
And, if the anal-ysts aren't working for the hedge guys, institutional money, then they're working for the companies they back though underwritings, mergers, acquisitions, etc., etc. That's how they make enough to stay employed.
Under current SEC regs, a company is required to disclose any matter deemed to be "material."
Taking this literally, I am left to assume that there is nothing material to report....or if there is/was and the company failed to timely disclose said information, they would be in violation of the securities laws. This leaves me to believe that what we are witnessing is either some manipulation by shorts, market-makers, potential suitors, etc.
FWIT, I added today at $6.98...I strategized that the end of the quarter, as I've previously posted, can be a time of extreme and unusual volatility. Hope I'm right.
I think the very recent selloff is primarily institutional quarter-end selling to facilitate not having to show this loser in their reports to clients/investors. If I am correct, we should soon see a reasonably strong rebound as selling is replaced by bargain hunters.