In SEC v. Panuwat, a jury found the defendant liable for insider trading for using nonpublic information about Pfizer's impending acquisition of his employer, Medivation, to buy short-term, out-of-the-money call options on Incyte Corporation rather than securities of Medivation.
Notes on verification
Confirmed by multiple independent legal analyses and SEC's own litigation release, consistent on all key details including the jury verdict, the 'shadow trading' theory, and the specific securities involved.