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A CPA firm has audited the financial statements included in a Form S-1 filed with the SEC under the Securities Act of 1933. Shortly thereafter,

A CPA firm has audited the financial statements included in a Form S-1 filed with the SEC under the Securities Act of 1933. Shortly thereafter, the company went bankrupt and the initial investors filed a class action lawsuit against the CPA firm.

(a) What should the plaintiff investors attempt to prove?

(b) What must the CPA firm prove in order to be successful with respect to the firm

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