Why was there not T1-T2-T3 type of halt?

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Interesting post on Yahoo about this topic:

finance.yahoo.com/mbview/threadview/?&bn=0243242e-59fb-3abc-8d27-962c7bf26a1d&tid=1404008300498-7e2293e2-afef-47d3-9465-66380c19f9a2&tls=la%2Cd%2C7%2C3

obamayoumama • 1 hour 37 minutes ago
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I was on our Bloomberg Machine when it happened on Friday
I was on MNKD equity MDM screen at the time. This screen shows level II information on size of bids and offers, and it was a slow Friday. On the right side of the screen it shows the actual trades as they are going though. On the other screen I had the MNKD equity GIP screen. This shows the graph for the day. I saw an extreme amount of trades start going off. The stock was taking out all the offers. There was a large offer before the news and it blew right through it. I went to the MNKD equity CN screen taking off the MNKD equity GIP screen. THERE WAS NO NEWS YET ON BLOOMBERG. The stock went through 11 and about the exact time the hit it's high for the day the singe line stated FDA APROVES AFREZZA. Still no details on label or a more detailed explanation. Those would show up a few minutes later. The stock started dropping rapidly and I believe someone or a group threw out a million share market order sell, most likely a naked short. I ran back to my office and Reuters had no news yet. After several million shares traded that million share sale completed and the stock recovered above 10 after it had gotten to about 9.50. Another large order of I believe 1 million share market order probably another naked short hit the stock, causing several million more shares and stops to go off. The stock got to 8.20 and start to recover and the circuit beaker went off for five minutes. My theory is that no one including MNKD was ready for that news to hit. Shorts would have been crushed if they hadn't thrown those Million share market orders out there. The new agencies picked up the Approval news and started reporting that MNKD got approval and the stock is down sharply, " it must be the label". It had nothing to do with the label, but rather the shorts protecting their position. This is what I believe happened and why on Friday.

[Earl Grey]

There was a correction email from SA, but it was not what is being talked about. Here are the email alerts I got from SA
First the email, then the follow up with a correction, but it was for a typo in the text, not a correction for approval

FDA approves Afrezza • 3:59 PM

MannKind's (MNKD -6.1%) long regulatory journey is finally over as the FDA approves Afrezza, a fast-acting inhalable prandial insulin. Its main value proposition is that patients do have to time their dose at a particular point before a meal in order to synchronize the insulin's effect with the spike in food-related glucose. They simply inhale the insulin at the beginning of the meal or within 20 after starting the meal thereby minimizing the potential for a hypoglycemic event caused by the mistiming of the prandial insulin dose.
The product has a Boxed Warning advising that bronchospasm has been observed in patients with asthma and chronic obstructive pulmonary disease. Afrezza is contraindicated for patients with chronic lung disease.
The regulatory approval has a RIMS (Risk Evaluation and Mitigation Strategy) attached that includes a communication plan to inform healthcare professionals about the risks of acute bronchospasm in patients with chronic lung disease.
The FDA's clearance also requires four Phase 4 clinical trials to evaluate Afrezza's pharmacokinetics, safety and efficacy in pediatric patients, to evaluate the potential risk of pulmonary malignancy with Afrezza and two pharmacokinetic-pharmacodynamic euglycemic glucose-clamp trials to characterize dose-response and within-subject variability.
Read comments
MNKD price at time of publication: $9.93. Check MN

this came at 16.04, read the very last bit where the 'correction' came from

CORRECTION: MNKD: FDA approves Afrezza
FDA approves Afrezza • 3:58 PM

MannKind's (MNKD -6.1%) long regulatory journey is finally over as the FDA approves Afrezza, a fast-acting inhalable prandial insulin. Its main value proposition is that patients do not have to time their dose at a particular point before a meal in order to synchronize the insulin's effect with the spike in food-related glucose. They simply inhale the insulin at the beginning of the meal or within 20 after starting the meal thereby minimizing the potential for a hypoglycemic event caused by the mistiming of the prandial insulin dose.
The product has a Boxed Warning advising that bronchospasm has been observed in patients with asthma and chronic obstructive pulmonary disease. Afrezza is contraindicated for patients with chronic lung disease.
The regulatory approval has a RIMS (Risk Evaluation and Mitigation Strategy) attached that includes a communication plan to inform healthcare professionals about the risks of acute bronchospasm in patients with chronic lung disease.
The FDA's clearance also requires four Phase 4 clinical trials to evaluate Afrezza's pharmacokinetics, safety and efficacy in pediatric patients, to evaluate the potential risk of pulmonary malignancy with Afrezza and two pharmacokinetic-pharmacodynamic euglycemic glucose-clamp trials to characterize dose-response and within-subject variability.

The first post mistakenly stated that "...patients do have to time their dose..." "not" was inadvertently omitted from the sentence, a typo.

[BD]

SA doesn't put out "press releases", although they might post an article or blog entry referring to a PR... given how screwed-with the shorts were Friday, however, I would not at all put it above them (since, well, just about everything in the Universe is already above them...) to fabricate a fantasy about such a "PR".

Oh, and lynn... please point out you're copying/pasting from another board BEFORE you put something like that into a post here, lol. That wasn't fun to wake up to!

[rak5555]

earlgrey - you are correct. I got he same SA notices.  My guess - keeping in mind that the shorts are not one unified body, I believe a large and aggressive short put a large block up for sale at precisely the moment the PR hit the wires, tanked the share price and unloaded twice as many as they sold in the ensuing moments.

The following comment was added shortly after I made this post: Sorry manmade, I see you posted this exact possibility 21 hours ago. That will teach me to read ALL the posts IN ORDER. Leaving this here in case anyone else missed you post.

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I think there might have been a Twitter rumor of denial but no official denial written mailings? If so it would make sense that shorts took the risk of selling almost 2 one million share blocks to crash the price. These were possibly naked short selling so illegal but probably cover later. It wouldn't surprise me though if the SIActually went up with a false rumor started by someone who wanted exactly this type of scenario to unfold? Retail short sellers could ultimately be the final fall guys in all this. I wouldn't be surprised if a big part of what happened over the last few weeks was an attempt by bigger players to transfer risk to retail shorts. A partnership announcement I. The next few weeks will cause very significant pain to the shorts.

JPG