United States Securities & Exchange Commission v. Pirate Investor LLC

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• explaining that, to be actionable, a statement must both be “false” and “concern a material fact”
• explaining that statutes should not be read as a collection of isolated phrases
• affirming scienter finding where defendant, acting on financial motive, made statement knowing it was false
• discussing cases where defendant’s “intent to induce a securities transaction” supported connectivity
• “The SEC meets its burden of proving scienter by establishing that the speaker acted intentionally or recklessly; the negligent speaker, however, avoids liability.”
• “Unlike private litigants, the SEC need not prove the additional element of reliance or loss causation.”

Source: CourtListener parenthetical corpus (CC0).