…in order to benefit, it has to be exercise and hold and write a check for the withholding and exercise price.
Which is exactly what the Waksals did in 2001.
p.s. There have been other instances of this form of untoward but legal insider trading. I’m citing the case with the Waksals because the amount of money was large and the impetus for the actions was crystal clear.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”