That is what the rulebook says aye. And that's something very quickly pointed out by shareholders when they want or expect an update (this case excluded). In reality however, the shareholder view is on one end of the spectrum, the rule by default must be open to interpretation and circumstance.
For example, I would consider a 2nd patient dosed in a phase1 cohort1 as a price sensitive event, because it means that the drug didn't kill the first human who took the first dose.This may not be the best example but there are countless examples that could be used in any company as what constitutes a material announcement.
On the other side of this, as another example, it's easy enough for management to say to the analyst(s) of the data "do not finalise report until 4pm Friday 17th September", even though it could have been ready a week earlier.
I'm not saying this is the case, but I would hope management have the foresight to pad the timing of announcements to the benefit of the company without breaching compliance requirements.
It will be interesting to see if we get any coincidental announcements soon.
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