The thing where it gets murky though is that the theft argument needs someone to be stolen from, or defrauded. In classical insider trading, the victims are th

The thing where it gets murky though is that the theft argument needs someone to be stolen from, or defrauded. In classical insider trading, the victims are the investors in the M&A target. I'm misappropriating MNPI about the target, so I'm essentially defrauding the target's investors. In the "shadow" case, I think it's a harder argument to make. If I work for a potential Cisco M&A target that falls through (as per the GPP), I've got, MNPI about my org, and probably MNPI relating to Cisco. Can I defraud Splunk's investors with that?