Concerning Home Capital Group(HC), describing the issues faces by HC following public revelation of problems with its high-risk mortgage portfolio and its failure to disclose.

a. As noted in the vignette, HC's share price fell significantly when its mortgage problems were revealed. Share price also fell when HC obtained its $2 billion line of credit from an Ontario pension fund at a very high rate of interest. In addition, while not reported in the vignette, share price rose following the settlement of the OSC investigation. Other important events, however, received no significant market reaction. For example, there was little reaction in May 2017, when HC suspended its dividend, and announced prestigious new directors. The appointment of a new CEO in July 2017 also drew little market reaction. Are the share price reactions and non-reactions to these various events consistent with efficient securities market theory? Explain why or why not.