Jose Punzalan used to work for in Piper Inc. and was fired because of misbehavior. To avenge, he decided to spread a false rumor about an accounting fraud committed by Piper on a few discussion forums, hoping to drive down their stock price. Did Punzalan violate the standards regarding market manipulation?

Group of answer choices

A. No, because he did not have any personal financial gain.

B. No, because participants are free to talk about anything on discussion forum.

C. Yes, because his action may induce others to sell the stocks and affect the stock price.