Ceylon Brusk is a billionaire investor and a member of the board of the social media firm Spitter. A week after he sells some of his Spitter stock to raise funds for an unrelated venture, he meets for coffee with Doris Jacksey, the firm's CEO.

"You should be buying, not selling. Our next quarter is going to be awesome" says Jacksey. "Interesting," says Brusk, "How would you feel if I bought the whole company for $54.20 a share?" "I like the way you're talking. I accept!" responds Jacksey.

The next day, Jacksey buys more Spitter stock, and then posts anonymously on several internet message boards that Brusk is about to buy the company. Brusk also acquired more Spitter immediately after the meeting. However, the next morning, seeing the price jump, he decides that he is no longer interested in the acquisition.

Has either Brusk or Jacksey violated any legal requirements, or done something that would be the basis for a lawsuit from the other? Discuss fully.