You purchase a stock that you expect to increase in value over the next year. One year later, after the discovery that the CEO embezzled funds and the company is close to bankruptcy, the stock has fallen in price. Which of the following statements is true?

a. This is a violation of weak form efficiency.

b. This is a violation of semistrong form efficiency.

c. This is a violation of all forms of market efficiency.

d. This is not a violation of market efficiency.