Does anyone know whether the FDA releases the decision on a new drug approval (or not) at a specific time like 9 AM EST or whether there is no way to know the exact time? The question is of interest because I noted that the FDA is due to issue a decision on 9/21 for a European quoted company (no US listing). If the FDA would issue their decision before 5.30 PM Central European Time - i.e. 11.30 EST this means that the options expiring on that day capture the volatility implicit in the decision. For the option valuation this makes a very big difference.