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Question
A plaintiff wishes to recover damages from the issuer for losses resulting from material misstatements in a securities registration statement. In order to be successful under Section 11 of the 1933 Act, one of the elements the plaintiff must prove is that the:
A. plaintiff was in privity of contract with the issuer.
B. plaintiff relied on the misstatement or omission in the registration statement.
C. issuer acted negligently.
D. issuer is in one of the classes of persons liable under Section 11.
Answer
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