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In the days before the pandemic, around this time, many families would be on their summer road trip, where some would be searching for an escape from the madness of the trip. Such a feeling is shared by many in the securities defense bar, who have longed for relief from the overbroad effects of the nebulous insider trading standards applied by both the courts and government regulators. Countless attempts have been made to discern any semblance of logic from the myriad of cases in this area, and even federal judges have expressed their dissatisfaction at the current state of insider trading law. See Tom McParland, “Judicial Inconsistency Frustrates Purpose of Insider Trading Law, Rakoff Says,” New York Law Journal (Feb. 28, 2020).

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