The "fraud-on-the-market-theory" used in some cases to establish liability under Rule 10b-5 of the Securities Act of 1934 is an indirect way of establishing which of the following elements of proof?

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Under Rule 10b-5,private plaintiffs alleging damages caused by misstatements by the defendant must prove that they relied on the misstatement of material fact.Several courts have held that an investor's reliance on the availability of the securities on the market satisfies the reliance requirement of Rule 10b-5 because the securities market is defrauded as to the value of the securities.This fraud-on-the-market theory is based on the hypothesis that,in an open and developed securities market,the price of a company's stock is determined by the available material information regarding the company and its business.

The "Fraud-On-The-Market-Theory" Used in Some Cases to Establish Liability Under