Ocean and Associates, CPAs, audited the financial statements of Drain Corporation. As a result of Ocean's negligence in conducting the audit, Drain's financial statements included material misstatements. Ocean was unaware of this fact. The financial statements and Ocean's unmodified opinion were included in a registration statement and prospectus for an initial public offering of stock by Drain. Sharp purchased shares in the offering. Sharp received a copy of the prospectus prior to the purchase but did not read it. The shares declined in value as a result of the misstatements in Drain's financial statements becoming known. Under which of the following acts is Sharp most likely to prevail in a lawsuit against Ocean?

Group of answer choices

Securities Exchange Act of 1934 but not Securities Act of 1933

Neither under the Securities Exchange Act of 1934 nor the Securities Act of 1933

Under the Securities Act of 1933 but not the Securities Exchange Act of 1934

Securities Exchange Act of 1934 and Securities Act of 1933