Blue's registration statement covering 2 million common shares with an offering price of $15 became effective on July 1st of this year, shortly after the meeting with all the underwriters'representatives. After its IPO, Blue's shares will trade on Nasdaq. Consider whether any of the following activities violate the federal securities laws. Assume that Blue is an emerging growth company.

3. Moca, Moka e-mails confirmations for sales to all its customers who had made offers to purchase during the waiting period. Each customer had earlier been given a preliminary prospectus and most have consented to the electronic delivery of information via e-mail. The confirmation informs the customer that by accessing Moca, Moka's web site the customer can obtain a "term sheet" that sets forth information aboutthe offering's price, amount, and underwriter commissions that was omitted from the preliminary prospectus.