Helen is the receptionist for First Well Ltd., a junior oil and gas company. On Thursday at lunch she told her friend Alice that a takeover bid had arrived by courier that morning. Alice purchased First Well Ltd. stock. How is the share purchase impacted by the Securities Act?
A) Alice's share purchase is allowed.
B) Alice is an insider and must report the purchase within 10 days.
C) Alice and Helen are both insiders and must report the purchase within 10 days.
D) Alice is a tippee and liable for prosecution.
E) Alice is a tippee and Helen is a tipper and both are liable for prosecution.
Correct Answer:
Verified
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