Which of the following statements is NOT TRUE?

A. IPOs tend to occur more frequently during bullish stock markets.

B. Normally, only the owners of preferred stock are permitted to vote on certain key matters concerning the firm, such as the election of the board of directors.

C. In addition to the Nasdaq market, the OTC market has another segment known as "pink sheets," where smaller stocks are traded.

D. Underwriters sell most or all of the shares of an IPO to institutional investors.