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Question
Harmer Company has filed a registration statement under the 1933 Act for purposes of issuing $5,000,000 of debentures. The registration statement has not been declared effective. Harmer wants to issue a press release concerning its plans to expand its operations. It also wants to telephone several large investors and tell them why they should buy the debentures. Will these activities cause Harmer to violate Section 5 of the Securities Act?
Answer
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