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Law
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Commerce, labor, particular activities & industries
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Securities
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Liability & enforcement
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Fraud claims
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SEC Rule 10b-5
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Substance
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Liability
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Primary
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Types of claims (by types of wrongs)
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Misstatement/omission claims (10b-5(b))
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Elements
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Individual elements
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Material Misstatement or Omission
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Misstatement or Omission
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No liability w/o misstatement or omission
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Can't be later than transaction
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Time of transaction: Cross-reference
A statement about the future is actionable under Rule 10b-5 only if it was false when stated.
The Private Securities Litigation Reform Act of 1995 requires plaintiffs pleading a Rule 10b-5 violation to state with particularity the facts...
A defendant's unplanned breach of contract does not satisfy the scienter requirement of a Rule 10b-5 claim.