Ariz. Rev. Stat. § 44-1993
Neither the fact that securities are registered by description under article 6 of this chapter or by qualification under article 7 of this chapter, nor the fact that registration of the securities has not been denied, suspended or revoked shall be deemed a finding by the commission or by the director that the registration statement, application for registration, prospectus, or any financial statement, or other document or exhibit filed therewith is true or accurate, or does not contain untrue statements of material facts, or omit material facts, or to mean that the commission or the director has passed upon the merits of or otherwise approved the securities so registered. It is a fraudulent practice and unlawful for a person to make or cause to be made to a prospective purchaser of the securities a statement or other representation contrary to this section.
A.R.S. § 44-1993