In denying Panuwat's motion to dismiss, the court first addressed Panuwat's arguments that the SEC's claims were not adequately pleaded. The court found that the SEC had adequately pleaded the materiality of the information Panuwat received, siding with the SEC's interpretation of Section 10(b) and Rule 10-b5, in holding that the SEC's claims could survive based on Panuwat's possession of material nonpublic information about the Pfizer-Medivation merger, even without an allegation that Panuwat possessed material, nonpublic information about Incyte. The court next found that the SEC stated a claim for breach of a duty imposed by Medivation's insider trading policy, which applied to "securities of another publicly traded company, including" those of "a significant collaborator, customer, partner, supplier, or competitor of Medivation."