单选题

During an on-site company visit, Marsha Ward, CFA, accidentally overheard the chief executive officer of Stargazer, Inc. discussing the company's tender offer to purchase Dynamica Enterprises, a retailer of Stargazer products. According to the CFA Institute Standards of Professional Conduct, Ward most likely cannot use the information because:

A、 it was overheard and might be considered unreliable
B、 she does not have a reasonable and adequate basis for taking investment action
C、 it relates to a tender offer

【正确答案】 C

【答案解析】

Trading on the information is restricted given that it relates to a tender offer; it is clearly material, nonpublic information as stated in Standard II(A).