What is the test for a claim under Section 20(a) of the Securities Act?
MultiRegion, United States of America
The following excerpt is from Meram v. Citizens Title And Trust Inc, Civil No. 10cv1388 L(POR) (S.D. Cal. 2011):
To state a claim under Section 20(a), a plaintiff must allege (1) a primary violation of federal securities laws; and (2) that the defendant exercised actual power or control over the primary violator. Howard v. Everex Systems, Inc., 228 F. 3d 1057, 1065 (9th Cir. 2000). As discussed above, plaintiffs have failed to state a claim for a primary violation of the securities law.
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