with the offer to sell, sale, offer to purchase or purchase of a security, a person shall not, directly or indirectly: 2. Make an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made not misleading in the light of the circumstances under which they are made; or 3. Engage in an act, practice or course of business which operates or would operate as a fraud or deceit upon a person. 12 Rule 10b-5 states as follows: It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce, or of the mails or of any facility of any national securities exchange, (a) To employ any device, scheme, or artifice to defraud, (b) To make any untrue stat , 788 (Idaho Ct. App. 1993) (<HOLDING>); Manns v. Skolnik, 666 N.E.2d 1236, 1248 (Ind.
holding that a plaintiff cannot avoid the securities fraud exception by pleading mail fraud or wire fraud if the conduct giving rise to those offenses also amounts to securities fraud holding that reliance is not a required element of securities fraud in a state enforcement action in idaho holding that reliance is not an element to be proven under securities fraud in indiana holding that reasonable reliance is not an element of the defense 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