Which of the Following Statements About the Securities Act of 1933

Which of the following statements about the Securities Act of 1933 is not True?

A) A third party that purchased securities described in the registration statement may sue the auditor for material misrepresentations or omissions in the audited financial statements.
B) A third party user does not have the burden of proof that he/she relied on the financial statements.
C) A third party user has the burden of proof that the auditor was either negligent or fraudulent in doing the audit.
D) A third party user does not have the burden of proof that the loss was caused by the misleading statements.