Select the statement that is not a criticism of insider trading.

• The insider benefits inappropriately by buying or selling the stock at a price below or above what the market will demand when the inside information is made public.
• An insider can benefit by trading on bad news as well as good, and this might be an incentive to work against the firm's best interests.
• The insider's action sends the correct message to the market, reflecting the stock's true value, moving the market toward equilibrium.
• The insider's information is often used without the firm's permission in a way that harms the stockholder's interests.