I don't mean to open a can of worms here, but, I'm not so sure, given the information available here, that this specific example is insider information... IMO. I'm not a lawyer, but as I understand the concept, insider information is information gained from people within the company that is not available to anyone outside of the company (i.e. general public). Unless the person making the inquiries misrepresented him/her-self, this information was freely provided to the caller, and therefore available to the general public. Anyone could have made that call (i.e. general public) and obtained that information.
Had the caller misrepresented their identity to say impersonate an employee of ICPA, wanting information that the representative would not normally give out, then yes, I would agree, that would be insider information (obtained under false pretense, and I believe a criminal act). However unless someone has knowledge of such misrepresentation, I think you just have some DD here.
We shouldn't be indicating that any information not contained within a press release is considered insider information. Good research is utilizing any and all tools at one's disposal, as long as you are not misrepresenting yourself in the process.
Your thoughts ???
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