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SEC Rule 10b-5

SEC Rule 10b-5: Prohibiting Securities Fraud

The Securities Exchange Act of 1934 granted the Securities and Exchange Commission (SEC) broad authority to make rules aimed to eliminate fraud in the trade of securities. One of the rules that the SEC enacted is Rule 10b-5, which prohibits fraud, misrepresentation, and deceit in the sale and purchase of securities.

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Language of SEC Rule 10b-5

Rule 10b-5: Employment of Manipulative and Deceptive Practices

"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,

  1. To employ any device, scheme, or artifice to defraud,
  2. 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
  3. 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."

Enforcement for Violations of SEC Rule 10b-5

In addition to the SEC's enforcement rights, private citizens also have the right to file lawsuits against companies and individuals for violations of Rule 10b-5. Typically, Rule 10b-5 claims are applied in lawsuits involving:

Report a Violation of SEC Rule 10b-5

Speak with one of our securities attorneys by calling (866) 981-4800 or by filling out the form to the right.

SEC Whistleblowers

Girard Gibbs encourages persons who know about possible securities violation to contact the firm.  Under the SEC whistleblower laws promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act, whistleblowers may be receive a reward of up to 30 percent of the recovery for information leading to a successful enforcement action by the SEC and are protected from employer retaliation.  If you believe that you have information about a securities violation, please contact us at 866.981 4800 or by filling out the form at the right.

Why Girard Gibbs?

Girard Gibbs represents consumers, investors, whistleblowers, employees, and businesses in cases involving consumer protection, personal injury, securities, antitrust, employment litigation and arbitration. The firm’s senior partners, Daniel Girard and Eric Gibbs, have been selected for inclusion in The Best Lawyers in America® 2012 and Northern California Super Lawyers, and have earned AV-Preeminent ratings from Martindale-Hubbell, recognizing them in the highest class of attorneys for professional ethics and legal skills.

Securities Fraud Attorneys
  • Daniel
    Girard
    Daniel Girard is the founding partner of Girard Gibbs and has dedicated his career to enforcing the rights of... MORE >
  • Jonathan
    Levine
    Jonathan Levine has practiced exclusively in the area of securities litigation for 24 years, and has... MORE >
  • John
    Kehoe
    John A. Kehoe is a partner in our New York office specializing in the prosecution of securities and financial... MORE >
  • Amanda
    Steiner
    Amanda Steiner is a partner with Girard Gibbs specializing in complex securities litigation. She has... MORE >
  • Dena
    Sharp
    Dena Sharp is a partner in Girard Gibbs' Securities Law Practice Group. MORE >
  • Lesley
    Tepper
    Lesley Vittetoe Tepper has focused her career on representing investors in securities and investment fraud... MORE >
  • Ashley
    Tveit
    Ashley Tveit is an associate with the firm specializing in protecting the rights of investors through... MORE >
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