Ross, a Sales Executive with Steel Mill Inc

Ross, a sales executive with Steel Mill Inc., learns of undisclosed company plans to produce a new type of steel. Ross tells Tim, who tells Uri, who buys 100 shares of Steel Mill stock. Uri knows that Tim got the information from Ross. When the firm publicly announces its new product, Uri sells the stock for a profit. Under the Securities Exchange Act of 1934, Uri is most likely

A) liable for insider trading.
B) not liable because Uri is only a tippee, not a tipper.
C) not liable because Uri is too far removed from the initial disclosure.
D) not liable because Uri traded on the basis of a material fact.