D is corrent. To recover under a civil action under Section 11 of the Securities Act of 1933, the plaintiff must prove that s/he was a purchaser of a security issued under a registration statement that contains a misleading statement or an omission of a material fact. S/he also must prove that s/he suffered an economic loss. The plaintiff need not prove that the defendant intended to deceive or even that negligence existed. The plaintiff also need not prove that s/he relied on the registration statement.
A is incorrect. Neither need to be proved.
B is incorrect. The plaintiff need not prove the defendant’s intent to deceive.
C is incorrect. The plaintiff need not prove reliance on the registration statement.
