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Source of law applicable in Rule 10b-5 claims.
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Contributed in 2008 & last edited in 2008 by David Gold
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Disgorgement of ill-gotten profits resulting from a Rule 10b-5 violation is a remedial — not a punitive — consideration.SEC v. First Jersey Securities, Inc., 101 F.3d 1450, 1474-75 (2d Cir. 1996) (court has broad discretion to 1) order disgorgement of illegally gained profits and 2) calculate disgorgement amount).
in support of
Disgorgement of ill-gotten profits resulting from a Rule 10b-5 violation is a remedial — not a punitive — consideration.vouch for authority for rule...
Statements about the future do not become actionable misstatements under Rule 10b-5 merely because they later turned out to have been incorrect.Cf. Pugh v. Tribune Co., 521 F.3d 686, 694-95 (7th Cir. 2008) (rejecting as "fraud by hindsight" the argument that defendant's failure to establish controls that would have prevented the fraud raised a strong inference of scienter).
in support of
Statements about the future do not become actionable misstatements under Rule 10b-5 merely because they later turned out to have been incorrect.vouch for authority for rule...
A court of appeals applies the clear error standard in reviewing a district court's determination of whether a market is efficient for purposes of...In re Polymedica Corp. Securities Litigation, 432 F.3d 1, 5 (1st Cir. 2005) (vacating class certification order and remanding for further proceedings where district court applied incorrect standard of market efficiency in determining whether plaintiffs were entitled to the fraud-on-the-market presumption).
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A court of appeals applies the clear error standard in reviewing a district court's determination of whether a market is efficient for purposes of the fraud-on-the-market presumption of reliance.