Always worth a crack...
Just had a read back on CLI's trading policy, pretty boiler plate, does specifically mention insider trading including family members as well as no key person trading within two weeks of a quarterly report.
I note insider trading penalties can be up to 3x loss averted - although this would probably be held by the regulator?
If a director was found to be in breach of the companies trading policy or have facilitated a breach - for example providing information to a blood relative then there might be cause to take a case against them as a director?
I would expect the board of an early stage speculative company to be holding a robust D&O insurance policy so even if the company and directors go/claim to be broke there could still be some gold at the end of the tunnel.
A recent NZ case of interest may be the collapse of Mainzeal which resulted in a multi-million dollar claim against the directors (including a former PM) which well exceeded their D&O.
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Always worth a crack...Just had a read back on CLI's trading...
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