Browse from Informational, not fundamental value, efficiency
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
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Establishing efficiency: How a plaintiff can establish...
The Private Securities Litigation Reform Act of 1995 requires plaintiffs pleading a Rule 10b-5 violation to state with particularity the facts... 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)... A statement about the future is actionable under Rule 10b-5 only if it was false when stated.
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