"Could either of you explain to novice me why holding back major news from shareholders is not illegal. I've always thought that it was."

The law is a very flexible/interpretive environment and many different spins can be put on why something was done a certain way. Would not a material drill hit constitute being required to be reported? Not if it is required to delineate a find with more holes in order to produce a more accurate picture for the investor. Though the single hole may rocket the sp, it is overlooked to create a larger clearer picture for investors. So is that illegal? On top of it all is the whole investment/financial system. I wonder how many "material" bits of evidence from 07/ on will never see the light of day?