"Companies are duty bound to release market sensitive...

"Companies are duty bound to release market sensitive information ASAP."
tcf,
All depends on what is meant by ASAP.
Can you please direct me to a site which specifically supports your statement.
I understand the duty of a company to protect shareholders' position, but I wasn't aware that they are duty bound to release all news of a market sensitive nature as soon as it occurs. I would have thought this could disadvantage management, and therefore shareholders, in certain situations.
Managements are privy to market sensitive information all the time, and presumably they use their expertise to release it in a manner which preserves or enhances shareholder value.