Cornell, Bradford; Hirshleifer, John I.; Haut, John N. - In: Developments in litigation economics, (pp. 29-57). 2005
A private right of action is not expressly mentioned in either §10(b) or Rule 10b-5 of the Securities Exchange Act of 1934, and hence such a right must be implied. To justify a reasonable cause of action, the plaintiff must prove: (1) a material omission or misstatement; (2) made by the...
