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NOTE INSIDER TRADING JURISPRUDENCE AFTER UNITED STATES v. OHAGAN. A RESTATEMENT (SECOND) OF TORTS § 551(2) PERSPECTIVE Micah A . Acoba t INTRODU MnON ............ ............ ............. ............ 1357 I. TnE DEVELOPMENT OF INSIDER TRADING LiLBn ........ 1361 A. Securities Exchange Ac t Section 10(b) a n d SEC- Promulgated Rule 10b-5 ............................ 1361 B. The Fairness Approach ............................. 1363 1. Cady, Roberts: T he Disclose or Abstain Rule ....... 1364 2. Texas Gulf Sulphur: Clarifying th e Disclose or Abstain Rule ..................................... 1365 3. A Comparison of th e Fairness Theories .............. 1366 II. ANALYSIS OF THE DEVELOPMENT OF INSIDER TRADING THEORY ............ ............ ............. ............ 1368 A. Chiarella: Rejection o f th e Fairness Approach ....... 1369 1. T h e Classical Theory .............................. 1369 2. ChiefJustice Burger's and Justice Stevenss Theories of Misappropriation ................................ 1370 3. T h e Access to Information Theory .................. 1371 4. Rule 14e-3(a) .................................... 1372 5. A Comparison of th e Theories Surrounding Chiarella ............ ............. ............. . 1373 6. State of th e Law After Chiarella ................... 1374 B. Dirks. "Tippee" Liability Theories ................... 1377 1. The SEC's and th e Court's Theories ................ 1377 2. A Comparison of Tippee Theories ................... 1379 3. Dirks in Light of Chiarella ....................... 1379 C . Carpenter Mail an d Wire Fraud in Insider Trading.. 1382 1. The Mail and Wire Fraud Statutes and Insider Trading ......................................... 1382 2. The Rules of Liability in Carpenter ............... 1384 3. T h e Species of Fraud in Carpenter ................ 1385 D. Circuits Divided on th e Misappropriation Theory ... 1386 1. T h e Second, Seventh, an d Ninth Circuits ........... 1387 t BA. 1994, Harvard University; Candidate forJ.D. 1999, Cornell Law School. Th e author is the Book Review Editor of the Cornell L aw Review.

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