is notorious that stock prices react right after official earnings announcement. for example. a stock price of a given company falls after a negative earnings surprise. Before the announcement, these earnings were private knowledge of a group of employees of the firm, such as accountants. Regarding the efficient markets hypothesis (emh) this is evidence:

A against the strong form, but not against the semi strong form

B against the semi strong form, but not against the weak form

C this is not evidence against any form of the EMH

D against the weak form