The statement is 100% a misrepresentation of fact. If someone bought on 3/15 through 3/17 in reliance of those statements and loses $ as a result of the termination (by Novartis, at least, which terminated on 3/13) then it is 100% actionable. It would be securities fraud to say all our partnerships are doing wonderfully and going forward when 1 of them terminated 2 days prior.

Of course, whether investors suffer losses will be determined next week. Also, as you already know, nothing is likely to come of any of Sandy's various lies.