Under a novel legal theory involving so-called “shadow trading,” the SEC filed charges against Matthew Panuwat in August 2021 for insider trading in options of a public company that was a competitor of his employer, after learning material non-public information regarding a potential acquisition of his own employer. Panuwat subsequently filed a motion to dismiss the SEC’s complaint in January 2022. In November 2023, a federal district court denied summary judgment. The case proceeded to an eight-day jury trial that began on March 25, 2024. After two hours of deliberation, on April 5, the jury returned their verdict, finding Panuwat liable for insider trading.