Which of the Following Statements Is False

Which of the following statements is false?

A) The one advantage of a cash offer is that the underwriter takes on a larger role and, therefore, can credibly certify the issue's quality.
B) SEO underwriting fees average about 5% of the proceeds of the issue and, as with IPOs, the variation across issues of different sizes is relatively small.
C) As with IPOs, evidence suggests that companies over-perform following a seasoned offering.
D) Often the value destroyed by the price decline can be a significant fraction of the new money raised with a SEO.