A very brief summary of insider trading. You would really need to look at the language of the statute and specific cases. And you would need to provide more specific detail in your hypothetical about how the info is obtained, the nature of the info, from whom, by whom, etc.
Your hypo is probably too general to make a call one way or the other.
http://beginnersinvest.about.com/cs/.../a/102702a.htm