An insider trading defendant who is neither an insider, quasi-insider, nor a misappropriator can be liable as a "tippet" A tippee of secret Information can be liable only in specified circumstances. The tippee cannot be liable unless the tippee breached a duty. A tippee assumes a fiduciary duty to the shareholders not to trade on material nonpublic information only when

a. the insider has breached his fiduciary duty to the shareholders by disclosing information to the tippee

b. the tippee must have been acting for personal gain

c. the tippee knows or should have known that there has been a breach of a fiduciary duty

d. b and c

e. a and c