Alimentation Couche-Tard Inc. is the Canadian leader in the convenience store industry. At 8:30 a.m. on Monday, October 6, Couche-Tard publicly announced a deal to purchase the 2,013 store Circle K chain. Completion of the deal would make Couche-Tard the fourth largest convenience store operators in North America. When trading opened on the Toronto Stock Exchange at 9:30 a.m., the company’s class B stock was up 40 cents at $17.50. The price steadily gained all day to close at $21, for a gain of $3.90. Within five minutes of the opening, Roger Longré, a Couche-Tard director bought 1,500 shares and by 10:30 he bought a further 2,500. At the end of the day, he had a one-day gain, on paper, of $11,372. Did Longré breach any legal requirements? Did he breach any ethical requirements? Should insiders be prohibited from trading prior to earning announcements and after major announcements? Should insiders be required to clear all proposed trades in the company’s securities with a designated in-house trading monitor?