Under the liability provisions of Section 11 of the Securities Act of 1933, a CPA may be liable to any purchaser of a security for certifying materially misstated financial statements that are included in the security's registration statement. Under Section 11, which of the following must be proven by a purchaser of the security?

The CPA committed fraud and the purchaser relied on the financial statements.

The CPA committed fraud, but not that the purchaser relied on the financial statements.

The purchaser relied on the financial statements, but not that the CPA committed fraud.

Neither that the CPA committed fraud, nor that the purchaser relied on the financial statements.