If a Company Has Made an Offering Under the Rule

Multiple Choice

If a company has made an offering under the Rule 504 exemption and had misrepresentations in the materials it gave to investors,which of the following is true?​

A) ​Because the company used an exemption, there is no liability for any misinformation communicated to investors.
B) ​Shareholders could recover under Section 14 of the 1934 Securities Exchange Act.
C) Shareholders could recover under Section 12.
D) Shareholders could recover under Dodd-Frank provisions that apply to exempt offerings.