player1234: I believe my point was absolutely correct: under reg FD a company may selectively disclose material, nonpublic information to people like the accredited investors in a prospective private placement as long as the recipients of the information explicitly agree to hold it as confidential.
I used the language of "leaking" -- which I explicitly labeled as simplistic -- only in drawing the distinction between --
-- dissemination of material, nonpublic information; and
-- exploitation of material, nonpublic information.
Broadly speaking, the former is the concern of Reg FD and the latter is the concern of insider-trading rules.
In any event, I think it strains credulity to think that Wave's latest investor didn't see and hear things that we haven't seen or heard
Best wishes,
John
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