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Galleon Group, a hedge fund managing $7 billion in assets was consistently outperforming the market. The reason for success was that the manager of Galleon

Galleon Group, a hedge fund managing $7 billion in assets was consistently outperforming the market. The reason for success was that the manager of Galleon took advantage of the insider information leakages from former MBA classmates. Later the manager of Galleon was found guilty of insider trading and was sentenced for eleven years in prison. The fact that Galleon was consistently outperforming the market implies that:

A. Market is not efficient in the weak form

B. Market is not efficient in the semi-strong form

C. Market is not efficient in the strong form

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