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Hayden (The Journalist) said he never owned Sirius stock but had publicly predicted about two weeks before Stern's announcement that the shock jock would take his show to Sirius. He said he based that prediction on his own reporting rather than inside information.

“We've all been wracking our brains to figure out why I've been subpoenaed,” Hayden said.





If this is all there is How could it be construed as insider trading?
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