49. Several months after the ED209 malfunction, OCP conducts…
49. Several months after the ED209 malfunction, OCP conducts a public offering of additional shares to raise capital for continued development of the ED209 robot. Investors later sue, alleging that OCP’s registration statement for the offering (governed by the Securities Act of 1933) contained false or misleading statements regarding the robot’s safety and development. Which of the following can be a valid defense against civil liability for false information in the registration statement?