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I have my securities reg exam tomorrow and I'm kind of struggling with one concept. Who are the potential defendants in a 12a2 action? My understanding is that the defendant can be either the person transferring title of the securities or any person who actively solicits the sale for his or her own personal financial gain. So can all of those parties be equally liable? Can there be more than one defendant in a 12a2 action? Since 12a2 requires privity, I would have thought that means there can be only one plaintiff and one defendant.
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