Great question, Jock.
If people traded on that sort of information it may well constitute insider trading. People come into information about companies that is not generally known all the time. Consider our trials, drug manufacturing partners, funding bodies, ethics committe, SAB, etc. who would all know of material information before it is announced. If any of these people traded on that information they may well be trading as insiders, which is unlawful.
The rules about insider trading apply to everyone and the duty to not trade on inside information rests with the individual.
Cheers
Densy
Great question, Jock.If people traded on that sort of...
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