Thanks for your question.
The material company information needs to be in the public domain before it's safe to use as a basis for trading securities.
So for information to be "public," there should be some indicators that the information is available for public consumption so that the general public also has the benefit of the company information. There's no one "right" answer.. . it's ultimately a judgment call.
Hope that helps.
Workplace Harassment Expert
May 14 2018