... Section 10(b)(5), can you point me towards it? I was assuming that this was of the SEC Act of 1934. I can't find a section 10(b)(5)in it. ...
I believe 'Section 10(b)(5)' probably refers to Rule 10b-5, one of the rules promulgated under the Securities Exchange Act of 1934. It reads as follows:
<<Rule 10b-5. Employment of Manipulative and Deceptive Devices.
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It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce, or of the mails or of any facility of any national securities exchange,
a. To employ any device, scheme, or artifice to defraud,
b. To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, or
c. To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person, in connection with the purchase or sale of any security.>>
Source: law.uc.edu
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