214. Every person who has subscribed for or acquired securities in a distribution of securities effected without the prospectus required under Title II may apply to have the transaction rescinded or the price revised, at his option, without prejudice to his claim for damages.
The plaintiff may claim damages from the issuer or the holder, as the case may be, whose securities were distributed without a prospectus from the promoter of the venture, from their officers or directors, or from the dealer responsible for the distribution.
However, if the plaintiff did not receive the prospectus he was entitled to receive, he has no claim in damages except against the dealer or the person prescribed who is required to send the prospectus to him pursuant to section 29.
For the purposes of this section, a reference to a prospectus includes a document, prescribed by regulation, standing in lieu of a prospectus.
1982, c. 48, s. 214; 1990, c. 77, s. 36; 2006, c. 50, s. 66; 2011, c. 26, s. 78.