It's a possible wrongful dismissal issue, but not a "human rights" issue. Honestly, the fact that he hasn't passed the 3 month probation yet may very mean he's SOL.
What I don't understand is why he would tell his manager in the first place. Maybe the manager is seeing a possible conflict of interest here. Afterall, companies look at the trading of insider secrets very seriously. His new manager probably didn't want to risk it, and since your friend hadn't passed the 3 months yet, he maybe figured he can nip this potential problem in the bud without any recourse.
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