Does the fact that smaller firms and higher book$-$to$-$market firms exhibit higher CAPM adjusted abnormal returns mean that the efficient market hypothesis is necessarily incorrect?

Question $8$ options:

$1$ Yes, because after the CAPM adjustment, we would expect abnormal returns across all types of firms to be the same

$2$ No$,$ because the CAPM adjustment may not adjust for all relevant systematic risks

$3$ This observation does not tell us anything about the efficient market hypothesis

$4$ None of the above