The Securities and Exchange Commission (SEC) recently brought a contested enforcement action based on a novel theory called “shadow insider trading.” In the 8th episode of Paul Hastings’ SEC Roundup, Nicholas Morgan and Thomas Zaccaro host Dr. Vinita Juneja, NERA Managing Director and White Collar, Investigations and Enforcement Practice Chair, to discuss the SEC’s novel approach, the insider trading landscape, materiality, and other economic implications the case raises.