New Laws
Jan. 22, 2014
SB 538: Updating guide on securities actions
Senate Bill 538 overhauls the anti-fraud provision of the California Securities Law of 1968. By Michael Mugmon and Matthew D. Benedetto
Signed by Gov. Jerry Brown on Sept. 23, Senate Bill 538 overhauls the anti-fraud provision of the California Securities Law of 1968.
Specifically, the new law revises California Corporations Code Section 25401 to make it unlawful, in connection with the offer, sale or purchase of a security, to: (a) employ a device, scheme or artifice to defraud; (b) make an untrue statement of a material fact or omit to state ...
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