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.". Munford Stanley is the underwriter for the IPO. 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
.C
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