Cliff Fleisher, CFA, is an analyst with a brokerage company. This company has a large investment advisory department that manages three mutual funds and many other accounts. For some time, Fleisher has been recommending the purchase of Gifford Corporation as a long-term investment. Many of the company's brokerage and advisory clients and the three mutual funds have purchased shares of Gifford Corporation based on Fleisher's recommendation. At 9:00 a.m. on Monday, Gifford Corporation makes an announcement that immediately leads Fleisher to change his recommendation from "buy" to "sell". Fleisher promptly tells the company's mutual fund managers, who immediately sell 50 percent of their holdings in the stock, causing the price to drop 20 percent. On Monday afternoon, Fleisher tells his company's large institutional clients about the change in his recommendations. On Tuesday morning, Fleisher publishes a research report for general circulation detailing the changed recommendation. According to CFA Institute's Standards of Professional Conduct, which of the following statements are true?

I. Fleisher should have disclosed his changed recommendation to all of the company's clients as soon as practical.
II. Fleisher did not need to issue a new research report because a change from "buy" to "sell" is not material.
III. Fleisher should not have disclosed the changed recommendation to the mutual fund manager and institutional clients before disseminating the report generally.