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Primary liability under Rule 10b-5 based on the defendant's fraudulent conduct (for "employ[ing] employ any device, scheme, or artifice to defraud," under Rule 10b-5(a) and/or for "engag[ing] in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person," rather than on misrepresentations or omissions.

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Contributed in 2008 & last edited in 2008 by David Gold
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