Question

Jeff, an accountant, prepares for Kappa Corporation a financial statement that omits a material fact. The statement is included in Kappa's registration statement. Liam, who reads the statement, and Myra, who does not, each buy Kappa stock. Under Section 11 of the Securities Act of 1933, Jeff may be liable to
a. Liam and Myra.
b. Liam only.
c. Myra only.
d. neither Liam nor Myra.

Answer

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