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A defendant may be liable for violating Rule 10b-5 even without purchasing or selling a security.

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Contributed in 2008 & last edited in June 2011 by David Gold
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It has not been decided whether a showing that the defendant acted recklessly can satisfy the scienter element of a Rule 10b-5 claim.
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A defendant may be liable for violating Rule 10b-5 even without purchasing or selling a security.
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Vague optimistic statements that amount to mere puffery, even if false, do not satisfy the materiality element of a Rule 10b-5 claim.