Market Manipulation: A Stock Opera

In their Corporate and Securities Litigation column, Sarah S. Gold, a partner at Proskauer Rose, and Richard L. Spinogatti is a senior counsel at the firm, analyze a recent decision holding that Section 10(b) and Rule 10b-5 extend to "a manipulative scheme by an officer of a corporation to gain control [of] the stock's float, artificially inflate its share price through fraud on the market, and reap substantial gains by selling off his shares while causing the corporation and its other shareholders to suffer losses."

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