Yes....that would be 'material information'. However....there...

Yes....that would be 'material information'. However....there are ways for a company to delay pertinent announcements based on reasonable delays integral to the companies operating guidelines (which in this case is a pharma company whose business relies on 'research and development' to satisfy obligations). In other words they could postpone the conclusive announcement about the 'deal' and the additional $39 million (and the $1 million) based on laboratory results causing delays in production that might not fall under the regulatory guidelines. In the past 50 years I have seen innumerable dodges by companys to regulations imposed by the overseeing exchanges to lie, or skip around the edges of the truth. All based on delays that are not part of the specific deal...but part of the companies natural operating structure....which in this case is a pharma research company working with a substance that has not had a lot of research and production attributed to it. Therefore allowing the corporate execs to massage the truth and announce just enough not to cause a violation...but not enough to get caught in a lie. Get it?