Everyone definitely should read it and just my opinion but you might want to give another read yourself because you’re forgetting a pretty crucial part of the law.
“Second, §10(b)'s requirement that the misappropriator's deceptive use of information be "in connection with the purchase or sale of [a] security" is satisfied by themisappropriation theory because the fiduciary's fraud is consummated, not when he obtains the confidential information, but when, without disclosure to his principal, he uses the information in purchasing or selling securities.”
So even if what he’s been saying wasn’t public knowledge they are freely sharing with anyone who asks, making this a null issue anyways, he would actually need to profit from it and an RS doesn’t do that.
$VYST
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