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Market efficiency for purposes of a fraud-on-the-market presumption of reliance in a Rule 10b-5 claim.
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Contributed in 2010 by David Gold
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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Reliance
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No liability without reliance
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Presumptions of reliance
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Fraud on the market
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Requires (1) public material misrepresentation by Δ, (2) efficient market, (3) trades during time of deception
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Efficiency: Market efficiency for...

The elements of a Rule 10b-5 claim alleging misstatements or omissions are (1) a material misrepresentation or omission by the defendant; (2)...
In actions brought by the United States, a defendant may be held liable for aiding and abetting a violation of Rule 10b-5.
There is no exhaustive list of factors that a district court should or must use in determining whether a market is efficient for the purposes of...