Jackies purchase of those shares two days ago is considered an insider trade (which is why he filed a form 4)but it is not illegal providing he did not act on inside information. It is illegal for him to sell those shares within a 6 month period of time at a profit under any circumstances as long as he remains a company insider.
The SEC defines "inside information" as information of a "precise nature" about security or issuer which has not been made public which, if it were made public, "would likely have a significant effect on the price" of the security.
Obviously the news today has already had a significant effect on the stock price. Since a dividend by CCME was only discussed in general terms but the details of how much and when it would be paid were not made public until today, it seems to me that one could easily argue that the CFO acted on inside information when he bought those shares a couple of days ago assuming he was aware of what the dividend policy was going to be. I can't imagine the board not bouncing this off the CFO prior to establishing it so it appears more than likely that he was aware of it.
With that, I am very pleased that CCME has announced a dividend today. I hope other companies in the china sector take notice and also consider dividends. That would go a long ways to increase trust, not to mention stock prices, in the sector.
But regardless of the argument that the dividend being public or non-public info, so long as Jacky DOESN'T SELL HIS SHARES, THERE IS NO INSIDER TRADING.
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