EquiUnion Corp. was subject to a major hacking incident on June 15, which the corporate managers were informed of later that day. On June 20, directors Dayna and David sold their stock in EquiUnion at $40 per share. On June 25, when EquiUnion disclosed the hack to the public at large, its stock tumbled to $30 per share. Have Dayan and David violated any securities laws? Discuss.