A financial analyst receives some positive information from an investor relations representative of a manufacturing company at the most recent quarterly conference call. The analyst uses this information, along with other information he obtained from the company distributed to the public, in a research report that includes a "buy" recommendation for the company stock. Which of the following statements is true?

A) The analyst violated the CFA Institute Standards of Professional Conduct because he failed to separate opinion from fact.

B) The analyst violated the CFA Institute Standards of Professional Conduct because he used material inside information.

C) The analyst's actions did not violate the CFA Institute Standards of Professional Conduct.