Gregor Gold Mine Ltd. is a gold mine in Ontario. In February 2014, company geologists discovered a new vein of gold-bearing ore that tripled the company's reserves. Prior to disclosing the new vein to the public, top managers of the company quietly bought most of the outstanding Gregor Gold Mine Ltd. shares for themselves personally. After the discovery announcement, Gregor Gold Mine Ltd.'s share price increased from $4.00 to $30.00.
Required
1. Did Gregor Gold Mine Ltd. managers behave ethically? Explain your answer.
2. Who was helped and who was harmed by management's action?