Is the party in question guilty of a violation of U.S. insider trading law if they followed through with their proposed plans/strategies? (Please keep response BRIEF, LESS THAN 100 WORDS)

Your wife has learned from her mother that your wifes uncle, the president and controlling shareholder of a supermarket chain, has decided to sell the family business. Her uncle had informed his three children (all employees), telling them to keep silent until the public announcement. He had also told his nephew and is sister (your wifes mother), offering to tender their shares at the same time, but telling them to keep quiet about it. Your wife, however, learned about the sale from her other, who told her that she could tell you, but no one else. Your wife told you not to tell anyone because it could possibly ruin the sale. You are mulling over whether to call your broker to purchase the companys stock.