Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Wednesday, May 30, 2007

Company's Non-Response to NYSE Request for Statement

The following press release is posted on the NYSE Regulation website:

Pennsylvania Real Estate Investment Trust (PEI) 
In view of the unusual market activity in Pennsylvania Real Estate Investment Trust (PEI) stock, the Exchange has contacted the company and requested that the company issue a public statement indicating whether there are any corporate developments which may explain the unusual market activity.

The company stated that its policy is not to comment on unusual market activity or rumors.

It seems to me that the company's statement does not respond to the NYSE's request.  I wonder if it is customary for companies to fail to respond to NYSE's request for information.  This does not seem to comply with at least the spirit of the NYSE rules requiring prompt disclosure of material information (or a statement that there is none).

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