Insider Trading, Materiality And Nonpublic Information

Law360, New York (August 30, 2012, 1:07 PM EDT) -- Critical to the question of insider trading is whether the information in the possession of the trader is nonpublic and material. To be public the information need not be the subject of a press release or a U.S. Securities and Exchange Commission filing. It is sufficient, for example, if it is already known among analysts that follow the company. To be material the information must be such that it would alter the total mix of information available. The extent to which a piece of information alters...
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