Which of the Following Was the Result on Appeal in Securities

Multiple Choice

Which of the following was the result on appeal in Securities and Exchange Commission v. Texas Gulf Sulphur Co, the case in the text in which it was alleged that corporate employees possessed inside information involving the likelihood of a major mineral find precluding them from trading in their company's stock?

A) That the defendants could not be held liable because they were not executives of the company.
B) That the defendants could not be held liable because company policy precluded them from disclosing the information at issue to the public.
C) That the defendants could not be held liable because a significant mineral discovery was not sufficiently certain to require disclosure to the public.
D) That the defendants could be held liable because of their status as insiders regardless of whether the information would be deemed material.
E) That the defendants could be held liable because they failed to reveal material information to the public.