《美国1933年证券法》（２００２年最新修订版）第12条
与招股书和通讯有关的民事责任

(a) 一般规定。任何人：
(1)如果违反第5条发售或出售证券，或者
(2)在发售或出售证券时，无论是否获得第3条各项规定（该条(b)款第（2）项和第（14）项的规定除外）的豁免，如果通过使用邮寄方式或在州际商务中使用任何交通或通讯手段或工具，或利用招股书或口头交流，其中包括有重大事实的不实陈述或漏报了重大事实，或根据陈述时的具体情况，遗漏了为使陈述不致产生误导而必须陈述的任何重大事实（购买人对该不真实或漏报不知情），而且不能举证证明其确实不知道且在尽合理注意后仍然不知道该不真实或漏报的，
则应根据(b)款的规定，对从其手中购买该证券的人负有责任，后者可以在任何具有合法管辖权的法院提起普通法或衡平法之诉，请求赔偿其在标售该证券时为该证券支付的对价及其利息，减去所获得的任何收入，如果其不再持有该证券，则请求赔偿其损失。
    (b)损失的起因。在上述(a)款第(2)项规定的诉讼中，如果发售或出售该证券的人证明上述(a)款第(2)项中规定的任何或所有赔偿金额不是由于其在招股书或口头交流中的责任部分不真实或漏报了其中要求陈述的重大事实或漏报了使陈述不致误导而必须说明的重大事实造成的证券贬值而引起的，则根据情况，对该部分或金额不予赔偿。

Section 12 -- Civil Liabilities Arising in Connection with Prospectuses and Communications
 

a. In general

Any person who--
1. offers or sells a security in violation of section 5, or
2. offers or sells a security (whether or not exempted by the provisions of section 3, other than paragraphs (2) and (14) of subsection (a) of said section), by the use of any means or instruments of transportation or communication in interstate commerce or of the mails, by means of a prospectus or oral communication, which includes an untrue statement of a material fact or omits to state a material fact necessary in order to make the statements, in the light of the circumstances under which they were made, not misleading (the purchaser not knowing of such untruth or omission), and who shall not sustain the burden of proof that he did not know, and in the exercise of reasonable care could not have known, of such untruth or omission,
shall be liable, subject to subsection (b), to the person purchasing such security from him, who may sue either at law or in equity in any court of competent jurisdiction, to recover the consideration paid for such security with interest thereon, less the amount of any income received thereon, upon the tender of such security, or for damages if he no longer owns the security.
b. Loss causation

In an action described in subsection (a)(2), if the person who offered or sold such security proves that any portion or all of the amount recoverable under subsection (a)(2) represents other than the depreciation in value of the subject security resulting from such part of the prospectus or oral communication, with respect to which the liability of that person is asserted, not being true or omitting to state a material fact required to be stated therein or necessary to make the statement not misleading, then such portion or amount, as the case may be, shall not be recoverable.

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