Last week, the Second Circuit issued its highly anticipated decision reversing the insider trading convictions of former Level Global Investors LP manager Anthony Chiasson and former Diamondback Capital Management LLC manager Todd Newman.  The decision sent a clear message to prosecutors – namely, that the prosecution of Newman and Chiasson was flawed and that its broad theories of culpability in insider trading cases needed to be significantly cut back.  But for hedge fund managers deciding how to conduct themselves in the world, what are the takeaways from the Newman-Chiasson decision?  In a guest article, Justin S. Weddle and Elnaz Zarrini, partner and associate, respectively, at Brown Rudnick, describe the key takeaways.