Bieck, Robert B., Jr.
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Few securities cases have been decided by the Fifth Circuit during this survey period. At the same time, several of the cases decided by the court during this period raised issues which will continue to trouble both courts and practitioners in the securities field. As a consequence, the focus of this article will be more issue-oriented than case-oriented. The issues examined will involve promissory notes as securities within the context of the Securities Exchange Act of 1934 (the 1934 Act) and will also involve the general elements of a Rule 10b-5 suit. The scope of this survey will be to examine the effect of the surveyed cases on past Fifth Circuit pronouncements. In addition, an attempt will be made to acquaint the reader with the impact of these past Fifth Circuit decisions in other circuits dealing with the same issues. Finally, this survey will attempt to predict some trends in the areas examined and offer constructive suggestions for the future.