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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 ]
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 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.
The majority of securities fraud claims are brought pursuant to Section 10(b) of the Exchange Act (codified at 15 U.S.C. § 78j), as well as pursuant to SEC Rule 10b-5, which the SEC promulgated under the authority granted to it by Congress under the Exchange Act. Federal securities fraud actions will be referred to as "Rule 10b-5 actions" or ...
Aqua America CEO Establishes Rule 10b5-1 Trading Plans BRYN MAWR, Pa.--(BUSINESS WIRE)-- Aqua America (NYS: WTR) announced today that its Chairman, President and CEO Nicholas DeBenedictis has ...
Interpretations under rule 10b-5 often deem silence to be fraudulent in certain circumstances. Efforts to comply with Rule 10b-5 and avoid lawsuits under 10b-5 have been responsible for a large amount of corporate disclosure. Due to the frequent use of the 10b-5 rule, codification becomes both efficient and necessary. [11]
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 ...
Garmin Adopts Rule 10b5-1 Plan in Conjunction with Share Repurchase Program SCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)-- Garmin Ltd. (NAS: GRMN) announced today that it has adopted a Rule 10b5-1 ...