Chilbear, while you are correct that the company's share price plays no role in the determination of material events for a publicly traded company; please be informed the company does not have "...the choice to announce or stay silent on company matters" that are material.

Cardiogenics' failure to complete the study in Q2 2011 as they announced was a material event and an explanation should have been provided sooner than December 2011. IMO potential negative events (such as the study was conducted but the data was not statistically significant) was the likely culprit not failure to obtain IRB approval. This explanation by Cardiogenics confirms for me the Company's need for experienced healthcare business people to interface with the public.

Ante