Sara Holds 1,000 Shares of Stock in Olive,Inc

Sara holds 1,000 shares of stock in Olive,Inc. ,which she purchased,based upon the financial statements that Adam had prepared.She now realizes that the statements were false and wants to sue Adam for common law fraud.What is Adam's best defense?

A) Sara lacks privity of contract.
B) Adam gave a broad disclaimer as part of the financial statement.
C) The false statements were immaterial.
D) Olive,Inc contributed to the misstatement.