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In a 10b-5 action, in order to establish a rebuttable presumption of reliance using a fraud on the market theory, plaintiff must prove (1) defendant made a public material missrepresentation and the shares were (2) traded in an efficient market (3) between the time of the missrepresentations and the revelation of truth.

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Contributed in 2008 & last edited in 2010 by David Gold
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