Liability under Rule 10b-5 of the 1934 Act requires scienter.

Name: Liability under Rule 10b-5 of the 1934 Act requires scienter.
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Rule 10b-5 of the Securities Exchange Act of 1934 imposes liability for securities fraud, including misrepresentations or omissions of material facts. To establish liability, the plaintiff must prove that the defendant acted with scienter, or an intent to deceive, manipulate, or defraud.

Liability Under Rule 10b-5 of the 1934 Act Requires Scienter