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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]
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.
SEC v. Texas Gulf Sulphur Co. [1] is a case from the United States Court of Appeals for the Second Circuit which articulated standards for a number of aspects of insider trading law under Section 10(b) of the Securities Exchange Act and SEC Rule 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 ...
Lorenzo v. Securities and Exchange Commission, 587 U.S. ___ (2019), was a United States Supreme Court case from the October 2018 term.. The Supreme Court held that someone who disseminates false statements to potential investors with the intent to defraud those investors can be held liable under subsection b of Rule 10b-5 of the Securities Exchange Act of 1934, even if they personally were not ...
O'Hagan, 521 U.S. 642 (1997), was a United States Supreme Court case concerning insider trading and breach of U.S. Securities and Exchange Commission Rule 10(b) and 10(b)-5. In an opinion written by Justice Ruth Bader Ginsburg, the Court held that an individual may be found liable for violating Rule 10(b)-5 by misappropriating confidential ...
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.
Securities Exchange Act of 1934, Rule 10b-5 Halliburton Co. v. Erica P. John Fund, Inc. , 573 U.S. 258 (2014), is a United States Supreme Court case regarding class action certification for a securities fraud claim.