BarbriSFCourseDetails
  • videocam Live Webinar with Live Q&A
  • calendar_month February 10, 2026 @ 1:00 p.m. ET/10:00 a.m. PT
  • signal_cellular_alt Intermediate
  • card_travel Class Action and Other Litigation
  • schedule 90 minutes

U.S. Insider Trading Law: History and Current Status; Rise of Shadow Trading Theory; Litigation Strategies

Early Bird Pricing!
MSRP
$297.00
$252.45
Save $44.55

Discount expires 1/1/26

This course is $0 with these passes:

CLE
ALL
  1. keyboard_arrow_leftBack
BarbriPdBannerMessage

About the Course

Introduction

This CLE course will provide litigators with the history and current status of U.S. insider trading law. 

Description

"Insider trading" is not defined in, nor expressly prohibited by, any federal securities statute. Instead, insider trading developed when judges interpreted the anti-fraud provisions of the Securities Exchange Act of 1934 (Exchange Act) broadly enough to encompass trading using material, non-public information. Because insider trading is not tethered to specific statutory language, what is or is not insider trading is an elastic standard heavily dependent on the facts of each case and the enforcement priorities of the Securities and Exchange Commission (SEC), the Department of Justice (DOJ), and their state counterparts. 

Throughout 2025, the SEC and DOJ have embarked on a policy of aggressive enforcement utilizing novel theories, such as shadow trading or nuanced analysis of 10b5-1 plans. Lawyers representing participants in the securities industry, such as investors, corporate insiders, professional traders, investment advisers, broker-dealers, hedge funds, and others, have an increasingly complex task whether advising on compliance or defending insider trading allegations. 

Listen as our outstanding panel, including former Counsel in the Enforcement Division at the SEC, reviews the background of insider trading and discusses current developments and enforcement priorities.

Presented By

Jason Spitalnick
Partner
Snell & Wilmer L.L.P.

Jason Spitalnick is a partner in Snell & Wilmer’s Denver office and a member of the firm’s Litigation, Investigations, and Trials practice group (including the Investigations, Government Enforcement, and White Collar Protection group and the Securities and Shareholder Litigation group). He focuses his practice on securities enforcement defense, white collar defense, internal investigations, and commercial litigation. With extensive public and private sector experience, Jason is a go-to SEC and securities defense attorney in Denver and nationally for clients facing regulatory scrutiny or complex litigation challenges.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio
Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.


  • Live Online


    On Demand

Date + Time

  • event

    Tuesday, February 10, 2026

  • schedule

    1:00 p.m. ET/10:00 a.m. PT

I. Evolution of insider trading  

II. Current SEC enforcement policy 

III. Elements of the claim of insider trading

A. Statutes and official guidance

B. Statute of limitations

C. Potential targets

D. Jurisdiction

E. Extraterritorial reach of insider trading laws

F. Trading while in possession of MNPI

G. Breach of a duty

1. Classical theory: breach by a corporate insider

2. Misappropriation theory: breach by a corporate outsider

3. Shadow trading

4. 10b5-1 plans

H. In exchange for value

I. Knowledge and scienter

IV. Alternative criminal basis of insider trading liability 

V. Role of whistleblowers

VI. Damages and consequences of insider trading

VII. Defenses

VIII. Litigation strategies

The panel will review these and other central issues:

  • What are the extraterritorial reaches of insider trading laws?
  • How can directors and officers demonstrate good faith when establishing 10b5-1 trading plans?
  • What is a market connection for purposes of insider trading, and what type of experts are needed to rebut it?