44. Based solely on the given information, which of the following is the most likely conclusion about the efficiency of the stock market with respect to Overseas Weapons Inc.?

Period 1: June 1, 2021, to June 7, 2021:

On June 4, 2021, Hardcore LLC sold 20% of its 50% holding in Overseas Weapons Inc. through an informal OTC market in multiple transactions. However, the market price of Overseas Weapons' common shares remained unchanged on the exchange during the period even after the sale of the shares.

Period 2: April 1, 2022, to April 7, 2022

On April 4, 2022, Overseas Weapons filed for Chapter 11 bankruptcy. The share price declined 80% immediately after news of the filing was released. Leading up to the filing, the financial news media had reported multiple credit defaults by the company and there were reports of a probable insolvency filing in the financial press. Also, on April 4, 2022, John Samuels, the CEO, was convicted under criminal law for corporate fraud [he had obviously not taken the multiple business ethics classes required at Fordham].

a. The market was inefficient in Period 1.

b. The market was inefficient in Period 2.

c. The market was inefficient in both Period 1 and Period 2.

e. The market was efficient in both Period 1 and Period 2.

d. None of the above answers is correct.