Corporate "outsiders" may be held liable for insider trading under Section 10(b)of the Securities Exchange Act of 1934 and SEC Rule 10b-5.

Question

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Corporate "outsiders" can be held liable for insider trading if they misappropriate confidential information for securities trading purposes in breach of a duty owed to the source of the information, as established by the Supreme Court in the case of United States v. O'Hagan, which expanded the scope of insider trading liability under Section 10(b) and Rule 10b-5.

Corporate "Outsiders" May Be Held Liable for Insider Trading Under