A journalist who worked for a business magazine learns about the confidential takeover

A journalist who worked for a business magazine learns about the confidential takeover of a company he is writing about while performing his work duties. As a result, he buys a large amount of stock in the company, but then learns that the takeover will not take place and subsequently sells the stock position and ultimately breaks even on the transactions. In this situation:. A) the journalist may have committed a violation under the misappropriation theory
B) a violation of insider trading rules did not occur because the journalist is not considered an insider of the target company
C) a violation of insider trading did not occur because the journalist did not profit on the transaction
D) a violation of insider trading rules may have occurred because the journalist is considered an insider of the company due to his access to company confidential information