Change of Plans: Forget Inside Trading, Let's Talk About “Shadow Trading” Podcast

Shadow trading is a novel form of insider trading that the SEC is arguing in an ongoing civil case against a pharmaceutical company executive. Shadow trading refers to an insider’s use of material nonpublic information (MNPI) about their company to make trades in another company’s stock, based on an expected increase in the other company’s stock after an announcement of the MNPI. Listen to this podcast episode for more information about the case, the arguments being made, and possible implications if the SEC prevails.

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