I read that "An analyst conference call is not public disclosure: in Schweser. Is it correct? I thought it is public since anybody can listen.
In that case, so’s a conversation in a pub! Schweser are right.
Standard II(A): Integrity of Capital Markets: Material Nonpublic Information, p.38 “Issues of selective disclosure often arise when a corporate insider provides material information to analysts in a briefing or conference call before that information is released to the public. Analysts must be aware that a disclosure made to a room full of analysts does not necessarily make the disclosed information “public.” Analysts should also be alert to the possibility that they are selectively receiving material nonpublic information when a company provides them with guidance or interpretation of such publicly available information as financial statements or regulatory filings.” p.41 “Companies should consider issuing press releases prior to analyst meetings and conference calls and scripting those meetings and calls to decrease the chance that further information will be disclosed. If material nonpublic information is disclosed for the first time in an analyst meeting or call, the company should promptly issue a press release or otherwise make the information publicly available.”
Hiredguns1, Thanks for the explanation. That makes sense. I thought conference call means those that are done as web cast during earnings announcement. Thanks, Chinni