Is each of the following statement true or false? Briefly explain your answers

For a long time, a hedge fund uses the following profitable trading strat- egy: when some positive (negative) news is released for some industry, it immediately buys (sells) stocks of firms belonging to upstream industries of that industry. Firms belonging to upstream industries are suppliers of the firms in the industry for which the news is released. This trading strategy generates a positive abnormal return. This contradicts the semi-strong form of efficient market hypothesis.