Final answer:
Under the Securities Act of 1933, Cal may sue the accountant who prepared the registration statement for the loss incurred due to the misleading information about a material matter. Therefore, based on the information available, the correct choice is (3) may sue the accountant who prepared the registration statement under the Securities Act of 1933.
Step-by-step explanation:
Cal, an investor, lost $15,000 after purchasing corporate stock based on a false registration statement. Under the Securities Act of 1933, Cal can bring a cause of action because this act mandates that securities offered for public sale must be registered and that the registration statement must not be misleading about material matters. If the registration statement is found to be misleading and this causes an investor to lose money, the act allows the investor to sue those responsible for the registration, which can include the accountant who prepared the documents. Among the choices given, the most appropriate is that Cal may sue the accountant who prepared the registration statement under the Securities Act of 1933. It's important to note that the Securities Exchange Act of 1934 governs different aspects, focusing more on transactions occurring on securities exchanges and after the securities are issued, such as the regulation of securities transactions and reporting by companies. On the other hand, accounting fraud and the enhancement of corporate disclosures are addressed by the Sarbanes-Oxley Act of 2002, which came about as a result of major accounting scandals to increase investor protection.