In SEC VGinsburg,Ginsburg Was CEO of a Company That Merged with Another

In SEC v.Ginsburg,Ginsburg was CEO of a company that merged with another company,and he told his relatives that the merger might occur.Knowing that the stock price might then rise,the relatives bought stock in the company and profited.Ginsburg was prosecuted by the SEC for insider trading.The appeals court held that:

A) there was not enough evidence to reasonably permit the inference that Ginsburg conveyed nonpublic information to his family members,so he was not liable for securities fraud
B) Ginsburg did not use the information himself so there was no fraud
C) Ginsburg did not have a fiduciary obligation to the company,so could not be guilty of insider trading
D) Ginsburg had a fiduciary obligation to the company,but his conduct could not be proven to have violated it
E) none of the other choices are correct