Understanding Market Manipulation Standards

The CFA Institute places significant emphasis on integrity and ethical behavior in the securities industry. One of the key principles is to avoid market manipulation, which includes any deceptive or fraudulent act that may distort the free market.

Consider the following scenario:

Andrew is a financial analyst who has been purchasing shares of a small-cap company. In an effort to drive up the stock price, he begins to publish false positive forecasts about the company's growth potential in a popular online financial forum. This activity is intended to mislead other investors into buying the stock, thereby artificially inflating its value.

What best describes Andrew's action?