Huff purchases 500 of the offered shares. huff has brought, Ask an Expert

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Petty Corp. made a public offering subject to the Securities Act of 1933. In connection with the offering, Ward & Co. CPA's, rendered an unqualifies opinion on Petty's financial statement. Huff purchases 500 of the offered shares. Huff has brought an action against Ward under Section11 of the Securities Act of 1933 for losses resulting from misstatements of facts in the financial statements includes in the registration statement. Ward's weakest defense would be:

A) Huff knew of the misstatements when Huff purchases the stock.

B) Huff's losses were not cuased by the misstatments.

C) Ward was not in privity of contract woth Huff.

D) Ward conducted the audit in accordance with GAAS

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M990541

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