Atul Bhagat was an employee of Nvidia Corporation. Nvidia successfully competed for a multimillion-dollar contract to develop the X-box video game console for Microsoft. Nvidia’s CEO sent a companywide e-mail announcing that Nvidia had won the contract. The next morning, Nvidia’s CEO sent several follow-up e-mails instructing Nvidia employees to keep the information about the contract confidential and prohibiting them from buying any Nvidia stock for several days. Later that morning, Bhagat purchased a large quantity of Nvidia stock. Four days later, after Nvidia publicly announced the contract with Microsoft, Bhagat sold his stock in the company for a substantial profit. When the SEC brought criminal charges against him for insider trading, Bhagat claimed he had not read the e-mails from Nvidia’s CEO prior to making his purchases; thus, he had no insider information when he made his purchase. How do you think the court ruled? Why?
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