Alimentation Couche-Tard Inc. is the Canadian leader in the convenience store industry. At 8:30 A.M. on October 6, 2003, Couche-Tard publicly announced a deal to purchase the 2013-store Circle K chain. Completion of the deal would make Couche-Tard the fourth largest convenience store operator in North America. When trading opened on the Toronto Stock Exchange at 9:30 A.M., the company's Class B stock was up 40 cents at $17.50. The price steadily gained all day and closed at $21, for a gain of $3.90. Within five minutes of the opening, Roger Longr, a Couche-Tard director, bought 1500 shares and by 10:30 A.M. he had bought a further 2500. At the end of the day, he had a one-day gain, on paper, of $11372.^{53}53 Did Longr breach any legal requirements? Did he breach any ethical requirements? Should insiders be prohibited from trading prior to earnings announcements and after major announcements? Should insiders be required to clear all proposed trades in the company's securities with a designated in-house trading monitor?