For a plaintiff to recover damages under Section 10(b)of the Securities Exchange Act of 1934 and SEC Rule 10b-5,privity is necessary.

Name: For a plaintiff to recover damages under Section 10(b)of the Securities Exchange Act of 1934 and SEC Rule 10b-5,privity is necessary.
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Privity is not necessary for a plaintiff to recover damages under Section 10(b) and SEC Rule 10b-5. Third-party liability is possible under the "misappropriation theory" or the "tipper-tippee" theory.

For a Plaintiff to Recover Damages Under Section 10(b)of the Securities