To be successful in a civil action under section 11 of the Securities Act of 1933 against auditors for liability for a materially misstated registration statement,the plaintiff must prove the
A) Auditors' intent to deceive, yes; plaintiff's reliance on the registration statement, yes.
B) Auditors' intent to deceive, yes; plaintiff's reliance on the registration statement, no.
C) Auditors' intent to deceive, no; plaintiff's reliance on the registration statement, yes.
D) Auditors' intent to deceive, no; plaintiff's reliance on the registration statement, no.

Question

Quizplus · Accepted Answer

Under Section 11 of the Securities Act of 1933, the plaintiff does not need to prove the auditors' intent to deceive or the plaintiff's reliance on the registration statement. The focus is on the existence of a material misstatement or omission in the registration statement.

To Be Successful in a Civil Action Under Section 11