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Along the same lines, unlike a typical securities fraud claim, lawsuits brought under Sections 11 and 12(a)(2) do not require a plaintiff to prove that the misstatement or omission caused any damage.
First Data's disclosure that the misstatement was caused by use of derivatives no doubt spooked the market.
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Andersen concluded that while the total misstatements were large, most of them dealt with overstatements from prior years and that the misstatements stemming from 1993 items were not large enough to be material to that year's profit.
Even if a plaintiff can show that a seller gave misleading information about the value of mortgage-backed securities, it must also prove that the misstatements caused the plaintiff's losses.
That notwithstanding, the burden was on me to prove that the misstatements weren't true.
It is the misstatement that is the essence of the case Republicans are putting before American voters: That President Obama has made the economy worse.
Allowing plaintiffs to obtain class certification without showing that the asserted misstatement was material, he said, is "unquestionably disastrous".
Mr. Grassley said that senior aides to Mr. Mueller may be to blame for the misstatements that had come back to haunt the F.B.I. director and that Mr. Mueller's deputies should be held accountable if they were responsible.
"All of you who have pointed out that I should have pressed him on that misstatement in the moment are right.
I understand why the President didn't want to spend the small amount of time they have left refuting all the misstatements that Boehner made.
Mr. Tourre, his lawyers argued, corrected that misstatement in offering documents that followed, calling that slice N/A or not applicable.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com