Which of the following statements about the Securities Act of 1933 is not true?

A.

A third party that purchased securities described in the registration statement may sue the auditor for material misrepresentations or omissions in the audited financial statements.

B.

A third-party user has the burden of proof that the auditor was either negligent or fraudulent in doing the audit.

C.

A third-party user does not have the burden of proof that the loss was caused by the misleading statements.

D.

A third-party user does not have the burden of proof that he/she relied on the financial statements.