The thing the SEC has to be concerned about is if it's fraud --they can't tell analysts how to run their models,

This case is about what Max intended to do. It's mind-boggling that there's no evidence of fraud.

We have no information that this case relates to identity theft or bank fraud.

[So is the individual disregarded?] They're not ignored, ... but they may not get the priority a shareholder who has a million shares will.

There will also be more information about companies in the public domain, ... But the quality of that information may not be the same as before, simply because companies will be more cautious about what they say to both the buy and sell side.

We have great concern that there will be at least a temporary chilling effect on the flow of voluntary information to the investment community until companies see how this rule is enforced,