Under SEC Rule 10b-5, only the maker of a false statement—the entity with ultimate authority over its content—can be primarily liable for securities fraud.
Securities
The fraud-on-the-market presumption of reliance in securities fraud class actions may be rebutted by defendants at the class certification stage with evidence of no price impact.
Chevron U.S.A. v NRDC overruled; courts must independently interpret statutes and may not defer to agency interpretations solely because of statutory ambiguity.
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