Actually, in the case of CCME (for sure) MW did get insider information (the sales presentation with number of buses) and there was a duty of confidence owed to the source. Read my posts over on CGS.
I strongly suspect that their other research has insider info as well (even if not published).
Whether it is SAT filings or corporate documents, there is a clear case of insider trading. The only question is political - will SEC or somebody go after people who have ostensibly "sought the truth".
If Muddy Waters fabricated any information in their reports, they should absolutely go to jail. But that's a different issue than whether they can research a company, trade on their research, then release a report.
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