Nina,an accountant,prepares for Omni Corporation a financial state?ment that misstates a material fact.The statement is included in Omni's regis?tration statement.Pete,who is in privity with Nina,and Quinn,who is not,each buy Omni stock.Under Section 11 of the Securities Act of 1933,Nina may be liable to

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Section 11 of the Securities Act of 1933 holds any person who prepares or certifies any part of a registration statement to be liable to any person who purchases a security and suffers a loss as a result of any material misstatements or omissions in the statement. Both Pete and Quinn are purchasers of Omni stock and may seek relief under Section 11. Although Quinn is not in privity with Nina, Section 11 allows for any purchaser of a security to recover regardless of privity. Therefore, Nina may be liable to both Pete and Quinn.

Nina,an Accountant,prepares for Omni Corporation a Financial State?ment That Misstates