Which of the Following Statements Is NOT True

Which of the following statements is NOT true?

A) In a best-effort offering, the underwriters will suffer a financial loss if the offer price is set too high.
B) In a best-effort agreement, the issuing firm will lose if the offer price is set too high.
C) If the underpricing is significant, the investment banking firm will suffer a loss of reputation for failing to price the new issue correctly and raising less money for its client than it could have.
D) Underpricing is defined as offering new securities for sale at a price below their true value.