Lin Liang, CFA, is an investment manager and an auto industry expert. Last month, Liang sent securities regulators an anonymous letter outlining various accounting irregularities at Road Rubber Company. Shortly before he sent the letter to the regulators, Liang shorted Road stock for his clients. Once the regulators opened an investigation, which Liang learned about from his sources inside the company, Liang leaked this information to multiple sources in the media.
When news of the investigation became public, the share price of Road immediately dropped30%. Liang then covered the short positions and made $5 per share for his clients. Liang least likelyviolated which of the CFA Institute Standards of Professional Conduct?

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