Is a defendant liable for misrepresentation or misrepresentation in connection with the purchase or sale of securities?
MultiRegion, United States of America
The following excerpt is from AUSA Life Ins. v. Ernst and Young, 206 F.3d 202 (2nd Cir. 1998):
in connection with the purchase or sale of securities, the defendant, acting with scienter, made a false material misrepresentation or omitted to disclose material information and that plaintiff's reliance on defendant's action caused [plaintiff] injury.
Press v. Chem. Invest. Servs. Corp., 166 F.3d 529, 534 (2d Cir. 1999) (internal quotations and citation omitted).
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