The United States Supreme Court has described the basic elements of liability under section 11 as follows: “Section 11 of the 1933 Act allows purchasers of a registered security to sue certain enumerated parties in a registered offering when false or misleading information is included in a registration statement. The section was designed to assure compliance with the disclosure provisions of the Act by imposing a stringent standard of liability on the parties who play a direct role in a registered offering.
If a plaintiff purchased a security issued pursuant to a registration statement, he need only show a material misstatement or omission to establish a prima facie case. Liability against the issuer of a security is virtually absolute, even for innocent misstatements. Other defendants bear the burden of demonstrating due diligence.” (Herman & Maclean v. Huddleston (1983) 459 U.S. 375, 381-382 [74 L.Ed.2d 548, 555-556, 103 S.Ct. 683], fns. omitted.)