Decisions to promptly disclose material information may be qualified by “confidentiality.” Company officials may withhold material information for legitimate business purposes, such as the benefit of the company or its shareholders, as long as no insider trades on that information. For example, information about pending acquisition discussions or pre-merger negotiations, information that might damage a company’s competitive position or information about a new product in development that the company is not yet prepared to release may appropriately be withheld from immediate disclosure.