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Why don't you consider that "material" information, a crucial component of insider trading?
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"Goldman...had an obligation to disclose material information that a reasonable investor would want to know," the report notes.
Without the hull structural model, a designer must manually calculate the production material information of a building block by using 2D drawings, parent ship data, and design experiences at the initial planning and scheduling stages.
Failure by listed companies to disclose material information on a timely basis attracts criminal and civil liabilities under legislation introduced in 2002.
It said: "We considered that the amount of the subscription fee was material information and a condition of the offer of which consumers should be made aware.
Investors need current information, not just periodic disclosures, along with clear requirements for public companies to make affirmative disclosures of and to provide timely updates to unquestionably material information on a real-time basis.
In a recent letter to the S.E.C., the Securities Industry and Financial Markets Association, Wall Street's lobbying group, complained about the Municipal Securities Rulemaking Board's requirement that brokerage firms advise their clients of material information before a trade occurs.
The Securities and Exchange Commission is alleging that Goldman omitted material information from a prospectus that it was required by law to disclose so that the investors could make an informed decision about whether to buy the securities being offered.
"And it also seems to me that these big contracts that the Dewey partners had and weren't getting paid on would be material information to a potential investor," Mr. Stoltman said.
That kind of financial agreement would be material information to a partnership).
Companies are not required to first disclose this material information in a filing to the SEC.
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