Under Section 11(a) of the Securities Act of 1933, the purchaser can recover even if he had not read the registration statement containing the material misstatements or omissions.

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This is known as the "strict liability" provision, meaning that the issuer is liable for any material misstatements or omissions in the registration statement regardless of whether or not the purchaser actually read it.

Under Section 11(a) of the Securities Act of 1933, the Purchaser