Answer: d. the untrue statements were not material.
Explanation:
If the untrue statements were IMMATERIAL, the company could argue that including them did not adversely affect the interests of the investors because the company will still run more or less the same regardless of the untrue statement.
They would essentially be admitting to lying or falsely providing information but they saying that it did not matter MATERIALLY if they included the statements or not, the result would likely be the same.
The SEC requires that only information which will be relevant to the determination of if an investor will buy stock should be presented according to the aforementioned act. GR8 does not consider the untrue statement relevant enough to prevent an investor from investing and so could argue based on that point.
