|
Post by mattm on Jun 28, 2014 11:44:32 GMT -5
With other stocks that had major news that would affect shareholders, I've seen T1, T2, T3 halts. However with MNKD, we got LUPD, which is: Volatility Trading Pause, which lasted 5 minutes. I believe this triggered when the stock prices fluctuate rapidly.
06/27/2014 15:28:44 MNKD MannKind Corporation NASDAQ LUDP 06/27/2014 15:28:44 15:33:44
I had expected the stock to be halted. Then Mannkind would issue the approval statement and allow time for the message to be digested by those with interest. After which, the stock would start trading.
It seemed approval was first released by the FDA, and not by Mannkind. There was no "news-pending" halt. I'm trying to understand what happened here, so I can reevaluate my expectations in the future.
|
|
|
Post by BD on Jun 28, 2014 12:20:30 GMT -5
That sounds like a good question to pose to the IR person at MNKD; even though this doesn't sound like it could have been MNKD's "fault", he might know what the FDA's protocol is for orchestrating halts before releasing big news, and whether or not the proper protocol was actually followed in this case. Either it wasn't, or the protocol needs some updating...
|
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Jun 28, 2014 13:05:31 GMT -5
I always thought the FDA issues their response to the company and from there the company issues the press releases.
Does anyone know for sure how this process works?
|
|
|
Post by BD on Jun 28, 2014 14:51:01 GMT -5
I always thought the FDA issues their response to the company and from there the company issues the press releases. Does anyone know for sure how this process works? So, let's consider a fantasy scenario I'm pulling out of you-know-where just for grins: 1. The FDA informed MNKD some time late Friday afternoon, but not in enough time for MNKD to prepare a "formal" PR before the close; 2. MNKD has a choice: a) they can wait and issue a PR after the close of trading, so that nobody has any chance to front-run the action; b) they can request a trading halt and do what we all seem to think should have happened; or... c) they can leak the approval to news agencies in order to throw a monkey wrench at shorts and send them into a tizzy, secure in the knowledge that "true longs" won't be hurt by the immediate volatility because the PPS is about to become extremely "upward mobile." I'm not sure c was all that bad a thing, whether or not it was intentional. It sure got people's attention, and the news was put out as soon as physically possible so that, for example, it made it onto the NBC evening newscast--thus creating the maximum momentum/exposure possible going into the weekend. And what a long, strange weekend it must surely be for the shorts, lol... there's no one on God's green Earth who knows what Afrezza is who will not have learned the news by Monday morning. If you want to put a solid floor under the stock, could there really be a better way to do it than to maximize the number of potential investors you've gotten informed by the next trading session? OK, that concludes my theoretical musings for the weekend...(so far, anyway)
|
|
|
Post by liane on Jun 28, 2014 15:30:35 GMT -5
purge,
What you posted is what I believe is supposed to be proper protocol. I believe the FDA notifies the company, and then the company disseminates the news. But yesterday's announcement came from the FDA. Which leads me to my own conspiracy theory - which is that the FDA does an "Oops, we released the news too soon" to give Hamburg and Brown's buddies time to play games.
|
|
|
Post by BD on Jun 28, 2014 16:31:53 GMT -5
Or, in my "c" scenario, perhaps MNKD actually green-lighted the FDA to do their own quickie release...
|
|
|
Post by babaoriley on Jun 28, 2014 19:11:25 GMT -5
The FDA released the news? Are sure it was the FDA and not MNKD? My own theory right up until the time I heard that we think the FDA released the news, is that the activity I had seen a little earlier in the day that made me suspicious that something was up was actually an unintentional leak from the mannkind camp, and they decided to release before that word spread and trading got out of hand. If the FDA released it, then nevermind.
|
|
|
Post by lynn on Jun 28, 2014 19:20:40 GMT -5
Baba , It's my understanding that it was the FDA & not Mannkind , not typical right ?? I also read somewhere that a false article was posted initially saying the FDA denied Afrezza then they revised & said it was approved . I know this is my first experience going thru this but I don't think that's the typical protocol . What an awesome crazy day tho !! I was not expecting to hear anything until the 15th , as I think most of us felt the same way . I hope there are other good surprises headed our way but not until I buy more !!,) It does seem like something shifty occurred , but we got our approval & an acceptable label , so I'm a Happy Gal Lynn
|
|
|
Post by babaoriley on Jun 28, 2014 19:24:53 GMT -5
Lynn, I mentioned to mannmade that story that apparently you posted yesterday about the erroneous release. That's an extremely interesting story if true. Like you though I have to say I'm just pleased. In fact if that were the case with the erroneous release, it could've actually helped me if I had been a little more attentive instead of feeding my face at that point in time.
|
|
|
Post by liane on Jun 28, 2014 19:47:07 GMT -5
The FDA released the news? Are sure it was the FDA and not MNKD? My own theory right up until the time I heard that we think the FDA released the news, is that the activity I had seen a little earlier in the day that made me suspicious that something was up was actually an unintentional leak from the mannkind camp, and they decided to release before that word spread and trading got out of hand. If the FDA released it, then nevermind. baba, You tell me. This was the only info out there at 3:28 yesterday when the stock was going wild. It's from the FDA. It's what I linked in the "Approval" thread. MNKD didn't release anything until much later. www.fda.gov/NewsEvents/Newsroom/PressAnnouncements/ucm403122.htm
|
|
|
Post by chmith27 on Jun 28, 2014 19:49:16 GMT -5
the erroneous publication as the reason for the pps drop sounds a little like an anti-islam video that sparked a benghazi attack. i'm thinking there will be an investigation by the SEC and they likely will "find nothing".
|
|
|
Post by ezrasfund on Jun 28, 2014 21:32:51 GMT -5
I went back to read the postings on the Yahoo message board from about 3:20 t0 4:00 PM on Friday. Talk about the fog of war, that was it.
|
|
|
Post by 4allthemarbles on Jun 28, 2014 21:34:52 GMT -5
Maybe this was just the FDAs last chance to screw with us. You know, one last conspiracy.
The whole thing is weird. I have not seen a small biotech not halted for FDA news/ release.
For the record, if I had a choice, it would be option "C". Payback to the shorts. With love- Your buddy Al.
|
|
|
Post by lynn on Jun 28, 2014 22:49:57 GMT -5
Wow! My first time on here and for a moderator you haven't a clue what went on yesterday! There was a press release that Afrezza had been rejected by the FDA. Seeking Alpha was one that put it out. I got their correction shortly after but it was enough time to send the stock plummeting. It had nothing to do with the label as you say. The label was as expected. I won't bother wasting my time on this board again. This is me now I just copied this from the " other " board , this is my Favorite so please don't be offended ! but this sums up what I read yesterday , Is there a way to find this SA post ? I'm signed up for email alerts from them but got nothing .. Fact or Fiction?? I'd love to know
|
|
|
Post by savzak on Jun 28, 2014 22:57:20 GMT -5
Lynn, my guess is that the phantom Seeking Alpha misdirection is a hoax. Though its been referred to on some board threads, I couldn't find any substantiation of it. If anyone finds a confirmation of it, I'm sure we'd all like to see it.
|
|