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| Jacques Lagarde, CFA, is a sell-side analyst at Springhill Financial, a small investment bank. Springhill is the lead manager for the equity offering of Chorale Music, a guitar maker. Lagarde is not part of the IPO team for this offering. While finalizing a research report on Chorale, Lagarde discovers information that makes him believe the company concealed losses in its leasing division last quarter that would significantly reduce its earnings. Based upon this information, Lagarde adds the following statement to his report: "The factual data I have gathered indicate Chorale experienced losses in the last quarter rather than profits." Lagarde suspects Springhill's investment bankers are aware of the unreported losses. The prospectus for Chorale's equity offering has already been approved by regulators and distributed to potential investors. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, Lagarde should least likely: A:seek legal counsel B:report the issue to his supervisor. C:keep loss data in his research report. |
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