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SEC Rule 10b-5, codified at 17 CFR 240.10b-5, is one of the most important rules targeting securities fraud in the United States. It was promulgated by the U.S. Securities and Exchange Commission (SEC), pursuant to its authority granted under § 10(b) of the Securities Exchange Act of 1934 . [ 1 ]
Blue Chip Stamps v. Manor Drug Stores, 421 U.S. 723 (1975) (limiting the right to bring 10b-5 claims to buyers and sellers of the company's stock) TSC Industries, Inc. v. Northway, Inc., 426 U.S. 438 (1976) (heightening the standard for materiality) Ernst & Ernst v. Hochfelder, 425 U.S. 185 (1976) (adopting a scienter standard for private 10b-5 ...
Matrixx Initiatives, Inc. v. Siracusano, 563 U.S. 27 (2011), is a decision by the Supreme Court of the United States regarding whether a plaintiff can state a claim for securities fraud under §10(b) of the Securities Exchange Act of 1934, as amended, 15 U.S.C. §78j(b), and Securities and Exchange Commission Rule 10b-5, 17 CFR §240.10b-5 (2010), based on a pharmaceutical company's failure to ...
The Private Securities Litigation Reform Act of 1995, Pub. L. 104–67 (text), 109 Stat. 737 (codified as amended in scattered sections of 15 U.S.C.) ("PSLRA") implemented several substantive changes in the United States that have affected certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation, and awards fees ...
SEC Rule 10b5-1, codified at 17 CFR 240.10b5-1, is a regulation enacted by the United States Securities and Exchange Commission (SEC) in 2000. [1] The SEC states that Rule 10b5-1 was enacted in order to resolve an unsettled issue over the definition of insider trading, [2] which is prohibited by SEC Rule 10b-5.
The stakes are not just financial — they’re profoundly human.
The Supreme Court held that "private civil liability under Rule 10b-5 does not extend to those who do not engage in a manipulative or deceptive practice but who aid and abet such a violation of 10(b)." This distinguished between the primary liability of violators of Rule 10b-5 and non-primary defendants, who had not directly deceived investors.
Securities Exchange Act of 1934, SEC Rule 10b-5 Basic Inc. v. Levinson , 485 U.S. 224 (1988), was a case in which the Supreme Court of the United States articulated the " fraud-on-the-market theory " as giving rise to a rebuttable presumption of reliance in securities fraud cases.