CFA Level I Ethics Application question

Ethics Application sample question

Choose an answer before revealing the explanation, key takeaway, and answer-choice review.

Ethical and Professional Standards

Ethics Application

Portfolio manager Owen Gallagher posts on his public social media account that a small biotechnology stock is 'dramatically undervalued,' accurately summarizing research he genuinely performed and believes. He does NOT mention that he personally holds a sizable position in the stock, and the share price rises 12% over the following week as the post circulates. Gallagher's omission most directly implicates which Standard?