Listed corporations are required to meet continuous disclosure requirements. This requirement is designed to ensure a fully informed market and, as such, also assists in reducing the risks of insider trading. Which one of the following situations is most likely to result in the greatest risk of insider trading?

a. an entity held information that a reasonable person would not expect to have a material

b. an entity held information that would have a material effect ont he price of its securitis.

c. an entity has been ordered by court to pay a significant fine, which if paid would have material effect on the price