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Question
Barchrome Company issued debentures in November 1996 to raise capital to finance a new manufacturing plant. John was one of the small investors who bought those debentures. In December 2000, John discovered that Barchrome's registration statement contained material misstatements (it had overstated current assets by 11 percent and sales by 8 percent). John sued Barchrome in January 2001. Is Barchrome liable?
A. Yes, Barchrome is liable under Section 12(a)(2) of the 1933 Act.
B. No, Barchrome is not liable because the statute of limitations under Section 12(a)(2) has run out.
C. No, Barchrome is not liable because the statute of limitations under Section 11 has run out.
D. Yes, Barchrome is liable under Section 11 of the 1933 Act.
Answer
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