If the Managers of a Firm,which Issues IPO,have Better Information

If the managers of a firm,which issues IPO,have better information than investors:

A) the investors who are allocated shares in the IPO could be subject to the winner's curse.
B) it is likely that the initial offering will be underpriced to make investors feel better about the secondary issue.
C) the investors will have an incentive to distort their true opinions of an initial public offering to ensure that subsequent issues are accurately priced.
D) then the offer price will be on par with the expected closing price on the first trading day.