Yes, that's what insider trading is. But companies must strictly...

Yes, that's what insider trading is.

But companies must strictly keep confidential information in-house unless it's material or price-sensitive and just become known, in which case the duty of continuous disclosure demands a public release asap or a TH if not ready for immediate release.

These duties apply to ALY of course.

Let's say the there was a serious SP run, up or down, and the company was sitting on 'hot' information that had just come in. In such a case, good practice would demand a TH pronto so as to defuse the situation, and then release the news 2 days later. However, the company would expect to receive an AWARE letter asking when it first became aware of the 'hot' information. If that information preceded the run, then the directors could be in serious trouble unless they could satisfactorily explain that no info leaked. They'd be behind the 8-ball though. Sweat time!

Best practice? Let nothing escape!! Have a process in place that nothing can escape.