Which of the Below Statements Is FALSE

Which of the below statements is FALSE?

A) Using an auction allows corporate issuers to place newly issued debt obligations directly with institutional investors rather than follow the indirect path of using an underwriting firm.
B) By dealing with just a few institutional investors, investment bankers argue, issuers cannot be sure of obtaining funds at the lowest cost.
C) A preemptive right grants existing shareholders the right to buy some proportion of the new shares issued at a price below market value.
D) For the shares sold via a preemptive rights offering, the underwriting services of an investment banker are needed.