It would definitely be considered insider trading if as you say this was happening. It is a completely different story proving it mind you. Good luck with that.
whether they hit or they didn't.....if this turns out to be the case of a "no hit"......and insiders are trading on this material news before the market has been notified, it should be considered as "insider trading"....and they should be held accountable..... I see it , as a play on illiquidity play.....market makers are shaking the tree pretty hard, to shake the weak...jmho :)