On December 10, 2020, Marvel Robotics found out that it had lost an important government contract. That day, Chief Operating Officer informed each department manager that each department had to cut costs immediately due to the lost contract. Two days before a public announcement about the lost contract on December 15, 2020, "Doc" Faustus (distribution warehouse manager) called four of his friends that owned shares of Marvel Robotics (but worked for other companies). Faustus told his friends that they would lose money unless they sold their Marvel Robotics shares before the announcement on December 15. In response, his friends sold their shares before the announcement. By close of the stock exchange on December 15, 2020, the Marvel Robotics share price had decreased by 70%. Which of the following is true