It's downright amazing that the Company allegedly admitted in today's conference call (after the close) that they received a CRL (Complete Response Letter) from the FDA "late yesterday" in regards to the non-approval of their inhaled form of insulin called Afrezza, and didn't release it until later today and after the stock had been halted from 11:57 am till the after-hours session. The Company requested that the stock be halted roughly 2.5 hours into the regular trading session, but not before someone dumped 1.4 million shares at 10:36am from over $9.00 per share down into the Sixes. The stock climbed all the way back up to over $9.00 before the NEWS PENDING HALT, and subsequent collapse after the news was released in AH. The fact that the Company allowed the stock to open in the FIRST PLACE this morning is downright amazing! They've got enough cash to make it to Q3 of this year as they conduct two more clinical studies using their new inhalation device "DreamBoat" which was not used in the studies that were submitted to the FDA. Would love to know HOW someone caught wind of this CRL this morning and was able to dump 1.4 million shares onto the unsuspecting public. Unreal. Can you say lawsuit???
Interesting post. I still remember clearly when I was watching a stock called RedHat which I used to trade quite often almost five or six years ago. The market was still open but about to close shortly, and all of a sudden a slew of huge bids started coming in and taking out every offer all the way to the close. I can't exactly recall how long it took, perhaps it was five or ten minutes or so, and MILLIONS of shares. There was no news showing any event. Then, in AFTER HOURS, it was announced that Michael Dell would invest almost $100 million of his own personal wealth into the firm. Notice that he "WOULD", not that he actually DID at that point. Of course, the stock rallied for days. I always wondered HOW someone knew of this event to occur. I guess some things never change on Wall Street eh?