Chris, a coder for Drones Inc., learns of undisclosed company plans to market a new, smart drone. Chris buys 10,000 shares of the firm's stock. If Chris is liable under the Securities Exchange Act of 1934, it will be because the information on which he based his purchase of the stock was

A) a forward-looking forecast.
B) not material.
C) not yet public.
D) not yet true.

Securities Exchange Act

A U.S. federal law enacted in 1934 that governs the trading of securities, such as stocks and bonds, to protect investors and maintain fair and orderly markets.

Smart Drone

An Unmanned Aerial Vehicle (UAV) equipped with advanced technology for autonomous operations and data collection.

Nonpublic Information

Information that is not openly disclosed or available to the general public, often carrying confidentiality.