"The Market" is clearly concerned about the SEC investigation disclosure - much more so than I am at this stage. Down a whopping 16% at the moment.

Based on my reading of case history, EVEN IF the SEC ultimately finds disclosures to be inconsistent with internal data, the precedents seem to be settlements with no admission of wrong doing and a modest fine.

From my reading, that looks like the reasonable "bad case" scenario. Of course, such a finding would be a credibility hit to management who - it has to be said - are quite promotional in their communications.

So, now I am having to take a look and decide whether I want a bigger position - something I ideally wanted to wait for the outcome of the Zircaix PDUFA, and greater clarity on the way forward with Pixclara.

It's looking mighty cheap now against my valuation of $30, but perhaps I should be disciplined and stick to my process, and just let this play out?