Reno, an Engineer for Shale Corporation, Learns That the Firm

Reno, an engineer for Shale Corporation, learns that the firm will increase the dividend it pays to shareholders. Reno buys 10,000 shares of company stock. When the dividend is announced to the public and the price of the stock increases, he sells the shares for a profit. He would not be liable for insider trading if the information about the dividend was

A) material when he sold the stock.
B) available to the public after he bought the stock.
C) available to the public before he bought the stock.
D) forward-looking when he bought the stock.