Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of women-focused pharmaceutical company Warner Chilcott (Nasdaq: WCRX) dropped as much as 11% this morning following the pricing of a secondary offering before the opening bell.

So what: If you're a current shareholder, you may want to hold onto something for this news. A group of funds currently holding Warner Chilcott stock -- including Bain Capital and JP Morgan Partners -- announced their intention to sell 42,864,843 shares of stock in a regulatory filing this morning. That gigantic lump sum of shares represents 17% of all total outstanding shares! Warner Chilcott will receive no proceeds from this share offering.

Now what: And to think, shareholders were overjoyed just over two weeks ago when they received a special dividend of $4 per share from the company! There's little denying that Warner Chilcott is an inexpensive company on paper, but I still can't figure out why the company chose to pay out a lump-sum special dividend instead of instituting a regular dividend and why these funds would choose to bail out now? The answer to these questions could be lumped in Warner Chilcott's next earnings report, which I suggest we pay very close attention to.

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