What form of violation of market efficiency is the following

What form of violation of market efficiency is the following?
Research
demonstrates that portfolio of stocks of companies announcing stock repurchase program over-perform portfolio of other stocks over four year period after the announcement.

Hint: Note that a violation of the Strong form of market efficiency is also a violation of the Semi-strong form and Weak form. Similarly a violation of the Semi-strong form is also a violation of the Weak form.
So when a question is asked, “what form of market efficiency is violated?” if Strong form is violated, you should reply “Strong form” even though it implies that “Semi-strong” form and “Weak form” are also violated. Similarly if “Strong form” is not violated, but “Semi-strong” form and “Weak-form are violated” then you should reply “Semi-strong”. Only if only “Weak-form” is violated, then should you reply “Weak-form”.

The answer should be the most encompassing form of violation.

Question 7 options:

A) Strong

B) Semi-strong

C) Weak

D) None

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