To break the law, he would have to intentionally "talk down" a company, right around an important event for that company, like an IPO or an acquisition or a major product release. It is hard to prove intent. I could say "ACME sucks" because I honestly believe ACME sucks, or I could say they suck because I want to short their price. It is tricky business. Who is to say he broke the law if in fact he talked down a company? Maybe he was just giving his honest opinion and was not trying to trade in the stock himself. Intent is always a tricky thing, especially when it comes to securities fraud issues. (Disclaimer: I am not a lawyer, the above are just my gut thoughts!)