Which of the Following Statements Is False

Which of the following statements is false?

A) The money taken in by the firm as a result of the share issue exactly offsets the dilution of the shares.
B) Most analysts prefer to use performance measures and valuation multiples that are based on the firm's earnings before interest has been deducted.
C) The fact that the firm's earnings per share and price-earnings ratio are affected by leverage implies that we can always reliably compare these measures across firms with different capital structures.
D) In general, as long as the firm sells the new shares of equity at a fair price, there will be no gain or loss to shareholders associated with the equity issue itself.