If one has knowledge of a company making an acquisition, before it happens, that will likely give rise to their share price, is it illegal for an insider or even an outsider to take a position in that stock? I assume yes. BUT, is it also illegal to take the position in that stock after the public announcement of said acquisition?
I worked at a listed company for many years. They gave us a few lectures, over the years. Please note, this does not make me any sort of legal expert on this. Assuming you are not an executive and don't have control over any major capital projects, once announcements are public, I believe you are clear to invest how you wish. Things are a bit more restrictive for executives. As best as I can tell, the rules are lightly enforced. If you assume the SEC to be grossly incompetent and not interested in doing their job, I believe you will have a pretty good handle on their prowess. Whatever you do, don't talk about it to anyone. AMD chief executive Hector Ruiz was caught in an insider trading scandal for a couple of inappropriate conversations.
