RE:RE:"material fact" definition, per Ontario Securities ActIf the LG deal is "material", then Hill would be guilty of insider trading. He would lose any gains he made on the purchase, and would likely be fined for the breach. He could also be disciplined by Quarterhill, as he violated their own policy on trading. Is Hill that naive? I doubt it. They simply do not think the LG deal is material enough to stop them from buying.