Acadia Technologies is a public corporation listed on the NYSE. A competitor decides to purchase Acadia. One day, the CEOs of the two companies meet to discuss the details of the merger. No merger agreement has been reached. Rumors surface about the impending merger talks and the stock price of Acadia rises. Please indicate the cases where there will be a problem. $($Note: there may be zero, or more than one correct answer.$)$

The two companies reach an agreement on the merger terms. None of the relevant laws or statutes require any action from Acadia management regarding a merger announcement. Under the materiality doctrine, the management of Acadia does not disclose this information.

Management issued a press release stating that the $``$management of Acadia cannot explain the stock price fluctuations or increased trading volumes in Acadia stock.$\text{'}\text{'}$ This is true technically because the management of Acadia does not know the source of the leak.$$

The CEO of Acadia gives a TV interview and to discourage potential other bidders, the CEO states that there are no pending negotiations.$$