Problem

To be successful in a civil action under section 11 of the Securities Act of 1933 against...

To be successful in a civil action under section 11 of the Securities Act of 1933 against auditors for liability for a materially misstated registration statement, the plaintiff must prove the

A. Auditors’ intent to deceive, yes; plaintiff’s reliance on the registration statement, yes.

B. Auditors’ intent to deceive, yes; plaintiff’s reliance on the registration statement, no.

C. Auditors’ intent to deceive, no; plaintiff’s reliance on the registration statement, yes.

D. Auditors’ intent to deceive, no; plaintiff’s reliance on the registration statement, no.

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