the price as set by the market. An investor who buys or sells stock at the price set by the market does so in reliance on the integrity of that price. Because most publicly available information is reflected in market price, an investor’s reliance on any public material misrepresentations, therefore, may be presumed for purposes of a Rule 10b-5 action. Id. at 247, 108 S.Ct. at 992. Our circuit has adopted the theory that the unique nature of the public securities market distinguishes fraud on the market from other claims of garden-variety fraud. Our case law refers to this unique nature of the public securities market as the “integrity of the market.” Kirkpatrick v. J.C. Bradford & Co., 827 F.2d 718, 722 (11th Cir.1987); Shores v. Sklar, 647 F.2d 462, 469 (5th Cir. May 1981) (en banc) (<HOLDING>). While Kirkpatrick stated that the
holding reliance is still an element of a 10b5 action and that the fraud on the market theory subject to rebuttal is applicable to meet the reliance element in securities fraud cases where corporations make materially misleading statements in an impersonal and efficient market holding that reliance may be established by proof that securities not traded on the open market could not have been issued at all but for a fraudulent scheme of the defendants the plaintiff still had to prove that he relied on the integrity of the offerings of the securities market holding that for a section 10b violation the sec must prove that the defendant in connection with the purchase or sale of securities made a materially false statement or omitted a material fact with scienter and that the plaintiffs reliance on the defendants action caused injury to the plaintiff holding that proof of relevant market is essential under  2 holding damage award resulting from a breach of an agreement to purchase securities is the difference between the contract price and the fair market value of the asset at the time of the breach