Disclosure on who pays the Legal Costs and Possible Fines and Settlements..

[Anonymous]

There is much debate on another board about who will ultimately be financially responsible for all the civil and criminal proceedings and possible settlements.

That is not what this post is about.

This post is about disclosure.

As we sit here today, Dendreon's official stance on this topic is as follows in it's latest 10Q:

"The Company has insurance that it believes affords coverage for much of the anticipated costs of these proceedings, subject to the policies’ terms and conditions."

In the interest of full disclosure and the fact that investors do not know the policies' terms and conditions, it is the responsibility of Dendreon to keep us updated on this. Dendreon has an idea of what all the proceedings are about and Dendreon can read the insurance policy.

Is she kidding?? "subject to the policies terms and conditions"? She has access to the policy and the terms and conditions and we as investors need to know the answer to this. If there is a copy of the policy in some SEC filing, they need to reference where this can be found. As an investor, I need to know in what circumstance will insurance not pay and Dendreon needs to disclose this or tell us where we can see the insurance policy.

 

[Anonymous]

There is much debate on another board about who will ultimately be financially responsible for all the civil and criminal proceedings and possible settlements.

That is not what this post is about.

This post is about disclosure.

As we sit here today, Dendreon's official stance on this topic is as follows in it's latest 10Q:

"The Company has insurance that it believes affords coverage for much of the anticipated costs of these proceedings, subject to the policies’ terms and conditions."

In the interest of full disclosure and the fact that investors do not know the policies' terms and conditions, it is the responsibility of Dendreon to keep us updated on this. Dendreon has an idea of what all the proceedings are about and Dendreon can read the insurance policy.

Is she kidding?? "subject to the policies terms and conditions"? She has access to the policy and the terms and conditions and we as investors need to know the answer to this. If there is a copy of the policy in some SEC filing, they need to reference where this can be found. As an investor, I need to know in what circumstance will insurance not pay and Dendreon needs to disclose this or tell us where we can see the insurance policy.

there will be no insurance coverage for crimes committed by people still protected on the BoD.

This is window dressing to justify the company paying for lawyers.

If the insurance company had any intention of paying, they'd have their own lawyers working on this, they aren't.

 

[Anonymous]

there will be no insurance coverage for crimes committed by people still protected on the BoD.

This is window dressing to justify the company paying for lawyers.

If the insurance company had any intention of paying, they'd have their own lawyers working on this, they aren't.

I agree. The point of the post is that Dendreon is once again falling short on disclosure. When and if Dendreon has to pay for the class actions, they will also be liable for the lack of disclosure about this.

Their counsel says subject to the "terms and conditions of the policy." They need to make those "terms and conditions" available or tell us where to find it. If it was in an SEC filing 10 years ago, they need to tell us which one.

They risk more class actions on this situation. They never learn.