Mary Pickford Is an Analyst for Munford Stanley, an Investment

Multiple Choice

Mary Pickford is an analyst for Munford Stanley, an investment banker. She has touted the stock, an initial primary offering (IPO) , of an obscure biotech firm as a "must buy."  Suppose that Pickford already owns an interest in the biotech firm, but Munford Stanley is not the underwriter. Pickford:

A) Does not have a conflict of interest.
B) Has a conflict of interest, but it is acceptable in IPOs.
C) Has a conflict of interest that must be disclosed to all purchasers.
D) Does not have a conflict of interest, but Munford Stanley does.
E) None of the above