OPINION
O'SCANNLAIN, Circuit Judge:
We must decide whether a material misrepresentation in a prospectus caused actionable loss to shareholders when the price of the company's stock did not decline in the weeks immediately following disclosure of the correct information.
I
A
Section 12(a)(2) of the Securities Act of 1933 imposes civil liability on "any person who ... offers or sells a security... by the use of any means or instruments...
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