A Corporate Outsider’s Duty to Disclose Under Rule 10b-5
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Examines the United States Supreme Court’s decision in Chiarella v. United States. In Chiarella, the Court held that a corporate outsider does not have a duty to disclose under section 10(b) of the Securities Exchange Act of 1934 and Securities Exchange Commission rule 10b-5. The author believes this decision is contrary to public policy.