Phil, the CEO of XYAZ Pharmaceuticals, Inc. just received information that approval

of the company's COVID vaccine is going to be denied by the FDA. However, news

of this will not be made available to the public until tomorrow afternoon. Which of

the following is correct?

I. Since Phil is a shareholder, in order to maximize shareholder wealth, he should sell

XYAZ stock immediately.

II$.$ As CEO, Phil has the duty to notify the largest shareholders before smaller

shareholders since they have the most shareholder wealth at stake

II only

I and II

I only

Neither I nor II