Holding that deception occurs when "investors are misled to believe that prices at which they purchase and sell securities are determined by the natural interplay of supply and demand, not rigged by manipulators"
513 U.S. 561 (1995) Cited 887 times 6 Legal Analyses
Holding that § 12 does not apply to secondary market transactions as the statute's inclusion of the term “prospectus” evinces an intent to limit the Sections's scope solely to the initial public offering
Holding that to prove loss causation, a plaintiff must allege "that the misstatement or omission concealed something from the market that, when disclosed, negatively affected the value of the security"
375 U.S. 180 (1963) Cited 604 times 35 Legal Analyses
Holding that an investment adviser who purchases a security for his own account and then recommends the same security to his client without disclosing that ownership violates the antifraud provision of the Act and breaches his fiduciary duty
346 U.S. 119 (1953) Cited 403 times 5 Legal Analyses
Finding the "imposition of the burden of proof on an issuer who would plead the [private placement] exemption" to be "fair and reasonable" given the "broadly remedial purposes of federal securities regulation"