TheStreet Exposes Unfair Selective Disclosure Policy of Prominent European Medical Association, Resulting in Change That Favors Investors

Press release April 3, 2012, 10:29 a.m. EDT

Source: Market Watch

NEW YORK, Apr 3, 2012 (GlobeNewswire via COMTEX) -- Investigative journalism by TheStreet /quotes/zigman/65006/quotes/nls/tst TST -0.92% , a leading digital financial media company, has caused a prominent European medical association to enact a major change in its disclosure policy, a move that will help level the playing field for ordinary investors.

As reported by TheStreet biotechnology reporter Adam Feuerstein on March 20, 2012 ( www.thestreet.com/story/11462003/1/easl-gives-wall-streets-privileged-investors-sneaky-preview-to-key-hep-c-data.html  ), the European Association for the Study of the Liver (EASL) was set to selectively disclose, to a group that includes hedge funds and sell-side equity analysts, potentially market moving data involving clinical studies of experimental treatments for hepatitis C -- three weeks before the data was going to be announced to the public at EASL's International Liver Congress gathering to be held April 18-22. The conference will include reports on important studies by Gilead Sciences (GILD), Bristol-Meyers Squibb (BMY), Abbott (ABT), Idenix Pharmaceuticals (IDIX), Vertex Pharmaceuticals (VRTX) and Merck (MRK), among others.

TheStreet's article pointed out that many medical and scientific groups, such as the American Society of Clinical Oncology, make research abstracts publicly available in advance of major conferences in light of ability of such information to cause significant movement to the share price of various public medical industry companies.

Two days after TheStreet's exposure of EASL's unfair selective disclosure policy, EASL reversed course and announced that the research abstracts would be disclosed by making the data publicly available online on April 4 -- see http://www.thestreet.com/story/11465904/1/easl-backs-down-will-publicy-disclose-key-hep-c-data.html  .

TheStreet commends EASL on taking appropriate action and changing its unfair policies.

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SOURCE: TheStreet, Inc.

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