The reason they were dumping shares was that the company's most promising product, a cancer drug called Erbitux, was about to be rejected by the Food and Drug Administration. This rejection would prove damning to ImClone Systems, as it had no other products to sell and indeed has never had any products to sell (see " A Child's Guide To ImClone "). Stewart's legal defense to insider trading, suggested in the letter from her lawyers, is that she was not a traditional "insider." Since she was not an officer, director or even an employee of ImClone, she owed it no "fiduciary duty." But for at least a generation, the courts have also allowed the prosecution of traders who "misappropriate" inside information, such as by deciphering it (as with a financial printer who learns of an impending merger), or by buying it (as with Ivan Boesky ), or by using it in inappropriate ways (as with a lawyer who trades based on information from a client).