[pitnips]

"The attorney, as an outsider to the corporation, owes no fiduciary duty to the corporation’s shareholders so the classical theory would not apply. Under the misappropriation theory, the trade is unlawful because the attorney violated a duty to the client by using the client’s confidential information for the attorney’s own benefit."

The client is the corporation's shareholders, as management simply acts as an agent for those shareholders.

[rayiner]

The client is the corporation, a distinct legal person from any of the managers or any of the shareholders.

[pitnips]

Ah, right. Thanks