There can be no successful reform of the system of capital-raising regulation in the US without rethinking the liability regime. Reform is long overdue and can readily be accomplished in a way that does not unnecessarily compromise investor protection.
Donald C. Langevoort,
Deconstructing Section 11: Public Offering Liability in a Continuous Disclosure Environment,
63 Law and Contemporary Problems
Available at: http://scholarship.law.duke.edu/lcp/vol63/iss3/4