18.9 Securities-Damages
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FAQ
To establish causation, plaintiff must show both that defendant's misrepresentation induced plaintiff to engage in the transaction in question (transaction causation) and that the misrepresentations directly caused the loss about which plaintiff complains (loss causation).
An essential element of a Rule 10b-5 claim is "loss causation," which requires the plaintiff to establish that the alleged fraud caused his economic harm.
As a reminder, a corrective disclosure occurs when ?information correcting the misstatement or omission that is the basis for the action is disseminated to the market.? 15 U.S.C. § 78u-4(e)(1).
Section 10(b) makes it unlawful to ?use or employ, in connection with the purchase or sale of any security? a ?manipulative or deceptive device or contrivance in contravention of such rules and regulations as the SEC may prescribe.? 15 U.S.C.
The Ninth Circuit has stated that "typically, 'to satisfy the loss causation requirement, the plaintiff must show that the revelation of that misrepresentation or omission was a substantial factor in causing a decline in the security's price, thus creating an actual economic loss for the plaintiff.
Loss causation requires "that the defendant's misrepresentation (or other fraudulent conduct) proximately caused the plaintiff's economic loss." Dura, 544 U.S. at 346. Implicit in the definition of a corrective disclosure is a causal link to the misrepresentation.
