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Insider trade on Splunk acquisition?

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417 points mkmk | 1 comments | 21 Sep 23 15:58 UTC | HN request time: 0.447s | source
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ryanSrich ◴[21 Sep 23 17:48 UTC] No.37601280[source]▶
Where's the line for insider trading on something like this? Say you were a low level Splunk or Cisco employee and you had a hunch the acquisition was going to close sometime this week (you're not working on the deal, you just heard through the grapevine that it's happening). Is that considered insider trading?
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1. htss2013 ◴[21 Sep 23 17:54 UTC] No.37601383[source]▶
IANAL, but probably comes down to whether you had access to material non public information. Ie, what gave you a hunch? If it's anything non public that could have also given others a hunch, had they known like you did, it's probably material non public information. There's no safe harbor for probabilistic insider trading.