Tomonaga Olawando is a research analyst currently doing research on Cleebok Shoes, a footwear manufacturer infamous for

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Tomonaga Olawando is a research analyst currently doing research on Cleebok Shoes, a footwear manufacturer infamous for its exorbitantly priced shoes.Tomonoga has been interviewing Pollyanna Givens, a senior vice president with the public relations division. Pollyanna has told him that the investment community has underestimated the payoffs from Cleebok's plan to outsource shoe production to Mexico, thus cutting productions costs significantly. She told him her estimate puts thecost savings close to $600 million, as against the figure of $370 million quoted by a few active analysts. In his report, Tomonaga states that the extra savings of $230 million a year will raise the stock price by 26% over the next year and hence, represents a great buy. Tomonaga hasI. not violated any code of ethics.II. has violated Standard IV (A.1) - Reasonable Basis & Representations.III. has violated Standard IV (A.2) - Research Reports.IV. has violated Standard IV (B.2) - Portfolio Investment Recommendations and Actions.

A. III only
B. II and III only
C. II, III and IV only
D. I only