Is there tipper-tippee liability for insider trading under SEC Rule 10b-5 for any of the following individuals? As to each person, if you believe there is such liability, identify the tippers and tippees involved in the transaction. a. Austin? b. Nate? c. Emma? d. The president of QBZ?

I Emma is the Vice President of Research and Development at QBZ, Inc. One day, the president of the company takes Emma aside after a meeting and tells her that the company soon is going to be sold at a favorable price to a much larger company. Emma knows that this will almost certainly result in a substantial increase in the value of shares of stock in QBC. However, the president tells Emma not to tell anyone except Emma's husband, Austin, about the sale. Austin does not work for the company and has never been involved in family discussions involving condential information about QBZ. The next day, Emma tells Austin about the sale. In doing so, she cautions him not to tell anyone: \"Don't tell anybody; I'm not sure if it's illegal to say anything.\" The day after he learns of the sale, and without telling his wife, Austin tells Nate, a stockbroker friend, about the sale. Nate then purchases shares of QBZ for himself and for Austin. Emma nds out what her husband has done and becomes quite concerned that insider trading somehow has occurred. However, she is not certain