Burt and Ernie had both just caught the investment bug.Burt invested in Telecorp Ltd - a communications company which was hitching its future prospects to the National Broadband Network (NBN).Ernie invested in a new corporation that promised a personal development regime delivered through a national network of personal training studios, Hyper Active Ltd.When Burt made his investment he relied on word of mouth from friends and documents produced by the corporation which stated:"This is a once in a lifetime chance - our corporation is positioned to take advantage of the NBN because of our close links to government."When Ernie invested he relied on a prospectus that said:"Your future personal success is guaranteed through this move."Both investments failed.Answer the following questions:

(a)Burt and Ernie now seek your advice as to the legal issues that arise in relation to their failed investments and the documents on which they were based.Is there further information you would need?