Which of the following would be the auditors’ most likely defense in an action brought under the Securities Exchange Act of 1934?
a. The investor did not have privity with auditors.
b. The investor did not suffer a loss based on the materially misstated financial statements.
c. The auditors acted in good faith and were not aware of the materially misstated financial statements.
d. The financial statements were not filed with the Securities and Exchange Commission.
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