Civil liabilities arising in connection with prospectuses and communications
United States Code
Citation analytics
How this statute sits in the citation network, derived from CiteLaw's graph of published opinions.
★Landmark AuthorityTop 1% most-cited · cited by 186 decisions
186
Citing decisions
6+
Courts citing
Citations by decade
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1940s1950s1960s1970s1980s1990s2000s2010s2020s
Courts citing this statute
Most recently cited by10
- 2026Fucci D. Utah
- 2025Sharma v. Rent the Runway, Inc. E.D.N.Y
- 2025Young v. Solana Labs, Inc. 9th Cir.
- 2025Houghton v. Ah Capital Management, LLC 9th Cir.
- 2025Twigg v. AbbVie Inc. Ill. App. Ct.
- 2025Schneider v. Natera, Inc. W.D. Tex.
- 2024Maniraj Ashirwad Gnanaraj v. Lilium N.V. S.D. Fla.
- 2024Sharma v. Rent the Runway, Inc. E.D.N.Y
- 2024Christopher Leach v. State of Wisconsin Department of Financial Institutions, Division of Securities Wis. Ct. App.
- 2024Ilia Kolominsky v. Root, Inc. 6th Cir.
Counts reflect decisions in the CiteLaw corpus and may lag very recent opinions.
Text
offers or sells a security in violation of section 77e of this title, or offers or sells a security (whether or not exempted by the provisions of section 77c of this title, other than paragraphs (2) and (14) of subsection (a) of said section), by the use of any means or instruments of transportation or communication in interstate commerce or of the mails, by means of a prospectus or oral communication, which includes an untrue statement of a material fact or omits to state a material fact necessary in order to make the statements, in the light of the circumstances under which they were made, not misleading (the purchaser not knowing of such untruth or omission), and who shall not sustain the burden of proof that he did not know, and in the exercise of reasonable care could not have known, of such untruth or omission, In an action described in subsection (a)(2), if the person who offered or sold such security proves that any portion or all of the amount recoverable under subsection (a)(2) represents other than the depreciation in value of the subject security resulting from such part of the prospectus or oral communication, with respect to which the liability of that person is asserted, not being true or omitting to state a material fact required to be stated therein or necessary to make the statement not misleading, then such portion or amount, as the case may be, shall not be recoverable. Any person who— (Source: (May 27, 1933, ch. 38, title I, § 12, 48 Stat. 84; Aug. 10, 1954, ch. 667, title I, § 9, 68 Stat. 686; Pub. L. 104–67, title I, § 105, Dec. 22, 1995, 109 Stat. 757; Pub. L. 106–554, § 1(a)(5) [title II, § 208(a)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–435.))