I think you did not get the point. The allegation is that the news reporter leaked information to the trader, so, the other way around. Bloomberg had privileged information and while they are not named in the suit, news outlets that are in possession of privileged information are not allowed to pass such privileged information to individuals but need to publish such privileged information publicly or inform the SEC of such privileged information. Probabilities are incredibly thin that this trader by mere chance put on trades 5 times moments before such privileged information was made public.
Are you sure? "Between 2015 and 2020, Mr. Peltz and his co-conspirators obtained non-public information about publicly traded companies from a variety of sources, including a corporate insider and a reporter at a financial news organization." "Mr. Peltz regularly used his relationship with the reporter to trade shortly before the publication of his articles about publicly traded companies, which were often followed by increases in the prices of the companies’ stock." I understood that insiders leaked information to him, which he then would take a position in and leak the info to Bloomberg for the catalyst for his positions to profit. But either way if Bloomberg reporters leaked insider info to him, couldn't he first have posted the info online to make it public. Then take the positions and have plausible deniability?