|Willier is the research analyst responsible for following Company X. All the information he has accumulated and documented suggests that the outlook for the firm's new product is poor, so the stock should be rated a weak hold. During lunch, however, Willier overhears a financial analyst from another firm offer opinions that conflict with Willier's forecasts and expectations. Upon returning to his office, Willier releases a strong buy recommendation to the public. Willier:
a. Was in full compliance with the Standards.
b. Violated the Standards by failing to distinguish between facts and opinions in his recommendation.
c. Violated the Standards because he did not seek approval of the change from his firm's compliance department.
d. Violated the Standards because he did not have a reasonable and adequate basis for his recommendation