To Be Successful in a Civil Action Under Section 11

question 52

Multiple Choice

To be successful in a civil action under section 11 of the Securities Act of 1933 against auditors for liability for a materially misstated registration statement,the plaintiff must prove the

• A)Auditors' intent to deceive: Yes; Plaintiff's reliance on the registration statement: Yes
• B)Auditors' intent to deceive: Yes; Plaintiff's reliance on the registration statement: No
• C)Auditors' intent to deceive: No; Plaintiff's reliance on the registration statement: Yes
• D)Auditors' intent to deceive: No; Plaintiff's reliance on the registration statement: No

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Definitions:

Phytoplankton

Community of tiny drifting or swimming photosynthetic organisms.

Spines

Stiff, sharp projections on plants or animals, serving as a defense mechanism or structural support.

Fuzz

Fine, soft hair or fibers on the surface of a plant, animal, or material, giving a fluffy texture.

Rain Shadow

Dry region downwind of a coastal mountain range.