What can be concluded from the information provided in the Texas Gulf Sulphur case…

What can be concluded from the information provided in the Texas Gulf Sulphur case study?
a Outsiders are not entitled to material information until insiders make gains first.
b Drilling activities should be made public before they occur.
c Insiders cannot act on material information until it is made public.
d No definite conclusions can be drawn about alleged misleading behavior.