Just saw this post. This idiot is trying to sound like a regular guy but putting the defense out for all to see. Yes, it was a "misguided estimate" based on the treatment selling itself. You can't give an estimate, knowing your defense when it fails is that you gave the estimate because you thought the treatment would sell on its own, when simple common sense knew otherwise. You have no case.
Exactly right. Read any federal securities law enforcement actions both from cases where people went to prison and cases where people paid substantial fines and they have the terms "known or should have known".
Ignorance, lack of seasoning, faked ignorance, fake lack of seasoning is all covered under "should have known". Ignorance to the law is NEVER an excuse in ANY crime.
"Our company is toast and the faster it goes down"
Michael Alan, aka "Rynotheknife", aka "Zonked" you are short the stock. You do not work at Dendreon, so where does the word "our" come from? You are an outted serial liar out to damage Dendreon so you can make money off it. You are a sleazy Hollywood Blvd scam artist and porn photographer.
Actually the phrase is "knew or should have known" but the point of your post is 100% right.
In this case, MG "knew or should have known" that a complex first of its kind product that was a paradigm shift and costs 93K over 6 weeks and has to go through insurance before providers could be reimbursed was NOT going to sell itself. The forecasters that he ignored knew these things.
MG knew, BUT under the law even ignorance, stupidity, lack of seasoning is covered under "should have known".
Stick a fork in MG. He's cooked!
With the burn rate of $80-90M/qtr, lackluster sales and the cost of restructuring, it looks like the cash balance will soon fall below what is needed for a year.
I see one of Seeking Alpha's writers also thinks this makes the need to raise money immediate.
How will JP Morgan and the other houses that sold the last round respond to this? Will it mean that we will have to dilute at $2/share? I doubt we could get more with sales still declining.
