The posting of corporate earnings is a rather poor example. The law doesn't require you to personally trade on inside information, as an attempt to manipulate t

The posting of corporate earnings is a rather poor example. The law doesn't require you to personally trade on inside information, as an attempt to manipulate trading by furthering actual or false inside information is sufficient. A reasonable person, which is what I presume the standard is, could expect trades to be conducted based off early release of corporate earnings. Therefore, this example isn't really applicable to the authors primary point.