Ethics...Kaplan Exam book 2 test 2 pm #64 test, understand, question, manager

zbird2134

On #64 why would this be a violation if the manager sold the shares after a “substantial rise” in the share price. I understand the violation in issuing the report based on non-public information but on this question and the answer key it seems like they are saying its a violation to sell shortly after a buy recommendation regardless of the price.
Based on this it is a violation if you issue a buy recommendation at $20 but if it goes to $40 3 days after your report you cannot sell? This does not seem correct. At $20 its a buy at $40 it could be a short.
again the question is not asking referring to the original violation (non public info) the way I read it…..any thoughts on this?