Which of the Following Is True Regarding Bruno's Sale of Securities

Which of the following is true regarding Bruno's sale of securities before the effective date of registration?

A) He will be able to avoid liability if he can establish the due diligence defense.
B) He will be able to avoid liability if he can establish that the investors who purchased stock early were aware that the securities were sold before the effective date of registration.
C) He will be able to avoid liability if he can establish that the sales before the effective date did not directly result in any losses to investors.
D) That is not a violation of the securities laws.
E) He will almost certainly be liable because the 1933 act provides no defenses for that violation.