11.   But interpretations of what is material information can vary widely.

12.   Companies that register are required to disclose material information so that potential investors can have a fair and equal opportunity to make an informed decision about whether to invest.

13.   Companies could pretty much make whatever business decision they wanted, so long as the material information was revealed to investors in periodic filings with the SEC.

14.   He praised Arthur Levitt, who recently stepped down as SEC chairman, particularly for Regulation FD, which bars selective disclosure of material corporate information.

15.   If management has been notified and has failed to announce such a favorable ruling by the FDA, it would be withholding material information, he adds.

16.   Instead, companies will have to publicly disseminate material information, including earnings guidance.

17.   It also denied it withheld any material information.

18.   It is illegal for a corporate insider, using material non-public information, to trade in shares of his or her own company.

19.   Levitt and the SEC are requiring companies to disclose material information to the public at the same time that they tell analysts and institutional investors.

20.   Other parts of the Boehner legislation would speed the flow of material financial information about their company.