Dendreon Reveals Data, NASDAQ Investigation Timeline, Fortunes Lost/Made!
April 28, 2009 at 4:08 pm EST | Tags: Clinical Trials, Conferences, Finance, Scandals
So much craziness today with Dendreon (DNDN)!! Here’s a timeline of what went down:
11:22AM EST
Yahoo! Message Boards, which we browse from time to time, gets a post from someone named monthaphumchareon. Post reads “HIGH PROBABILITY MASSIVE BEAR RAID 12 30 pm central today, DNDN could easily drop 50 % on a massive bear raid its coming.. today @ 12 30 pm central.” [Yahoo!Finance]
12:30PM CST/1:30PM EST
DNDN stock drops 40%+, almost $10 to $12 and change on close to 3M shares. The stock is halted. Data not released yet.
1PM CST/2PM EST
Data released showing an extended median survival of 4.1 months and increased 3-year survival by 38% compared to placebo. Study shows a reduction of death by 22.5% vs placebo with a p-value of 0.032. [Xconomy]
1:29PM CST/2:29PM EST
NASDAQ MarketWatch investigates potentially erroneous transactions executed between 13:25:00 and 13:27:02 ET. [NasdaqTrader]
2:01PM CST/3:01PM EST
NASDAQ claims it reviewed the transactions under rule 11890 (b) on its own motion filing involving DNDN trades executed between 13:25:00 and 13:27:02 ET determined that all trades will stand. The decision cannot be appealed. [NasdaqTrader]
So what gives? Who knew something? Did someone just really set up a lot of people just to pull the rug out? Fortunes and life-savings made and lost this afternoon…
Image from themarketguardian
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the stock is back up after hours to $22.93
Somebodies head should roll for this one. Definitely insider trading and NASDAQ is going to do nothing about it. Makes ya wonder who got paid off at NASDAQ. If NASDAQ won’t persue it maybe the FBI should get involved. Please everyone speak up the squeaky wheel gets the grease. It should be easy enough to follow the money trail. Obama is taking over the banks, maybe he should take over the stock market as well and get rid of the scumbags. Lets not forget, money is’nt everything their is something to be said about honesty and integrity. How do you shut down the trading of a stock without some sort of explanation. I would have loved to have bought DNDN for $11.00 as I’m sure you would have to.