Certainly he was snooping. He is invested in a stock that has a product starting to take off. That is excellent dd. An investor wants to be in on the ground floor, early, before anyone else knows about it. You know, buy low and sell high. If you wait for the product to be fulling established, you will be buying high. May still go higher, but you will have lost a great deal by not doing your dd and getting in ahead of the herd.
The way he or she went about their investigation, sounded very innocent to me.
This is a public company, pink or otherwise. He or she as a shareholder, not only has a right, but an obligation to keep up on his investments.
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