In Lowinger V

In Lowinger v. Pzena Investment Mgmt., the court held that liability for misrepresentation under Sections 11 and 12(a) (2) accrues

A) at the time and place that delivery occurs
B) if the registration statement or prospectus includes any untrue statement of a material fact
C) if the registration statement or prospectus includes any untrue statement of a designated fact
D) if the registration statement or prospectus includes any true statement of a material fact