He just announced that he wasn't going through with one of his planned December sales. Hard to see how he is breaking any law since he is neither buying nor selling shares. It's not illegal to just decide to hold shares AFAIK.
If I read the OP correctly, it was a stock option excerise. That means he has the option on X number of stocks at a given price. If it was his plan to excerise those options and then sell them immediately for market price, and all he has done is decide not to sell them right away then he is buying stock.
OP: "LONDON, Nov 26 (Reuters) - The world's biggest listed online gaming firm, PartyGaming (PRTY.L: Quote, Profile , Research), said on Monday its chief executive, Mitch Garber, had taken options for 3.5 million shares and reversed previous plans to sell a chunk of stock."
This is a pretty strong PR statement by a CEO.
Insiders in most markets have to announce plans to sell or acquire large holdings.
To reverse previous planned sales and to announce having "taken options" is about as bullish as you can get on a stock short of outright open market purchases. It did not say anything about the terms of the options given. Nor did it say the CEO planned to exercise them. This could simply be an indication of a cash flow problem as anything else.
If he had spent 3.5 million or even the 80 million or so to purchase 3.5 million shares as implied in the story that would be different.
In poker terms he's decided not to cash out some chips from the table or "rat hole" them, and he is acting like he is going to make a big bet. He just hasn't done any real betting yet.