Sam Patterson, CFA, hosts a conference call about the auto industry on behalf of his investment firm. The call is held for a small number of clients. Aditya Rao, the CFO of L2 Motors (L2M), an electric car manufacturer, is a featured guest. In response to a question during the call, Rao mentions a recent major advance in L2M's battery technology not previously disclosed to the public. Patterson determines the information is material.

According to the Standards, Patterson should: