An accountant is not liable for an omission in a registration statement to a purchaser of securities if the omission had no causal connection to the purchaser's loss.

Question

Quizplus · Accepted Answer

This statement is in accordance with the Securities Act of 1933, Section 11. If the accountant's omission did not contribute to the purchaser's loss, then the accountant cannot be held liable for the omission in the registration statement.

An Accountant Is Not Liable for an Omission in a Registration