Misrepresentation of Firm Performance

Alex is a financial analyst who recently met with a potential client to discuss investment opportunities. During the meeting, Alex stated that his firm has consistently outperformed the market over the past five years. However, upon reviewing the firm's performance reports, it was revealed that Alex was only referring to a short period within those five years where they did outperform the market, without mentioning significant lagging years.

This scenario raises a question about ethics in financial statements and communication with clients. Under the CFA Institute Code of Ethics, which of the following actions does Alex's statement best represent?