Del, an accountant, prepares for Econo Inc. a financial statement that omits a material fact. The statement is included in Econo's registration statement filed with the Securities and Exchange Commission. Fran, who relies the statement, and Gib, who does not, each buy Econo stock. Under Section 11 of the Securities Act of 1933, Del may be liable to

Question

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Del may be liable to Fran and Gib because the financial statement omitted a material fact and was included in Econo's registration statement filed with the Securities and Exchange Commission.

Del, an Accountant, Prepares for Econo Inc