Under the liability provisions of section 11 of the Securities Act of 1933, auditors may be liable to any purchaser of securities for certifying materially misstated financial statements that are included in the registration statement. Under section 11, which of the following must a purchaser of the security prove?
A. Reliance on financial statements, yes; fraud by auditors, yes.
B. Reliance on financial statements, yes; fraud by auditors, no.
C. Reliance on financial statements, no; fraud by auditors, yes.
D. Reliance on financial statements, no; fraud by auditors, no.
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