“manipulative or deceptive” and provides that “it shall be unlawful ... to make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.” 17 C.F.R. § 240.10b-5(b). To state a claim for securities fraud under Section 10(b) and Rule 10b-5, “a plaintiff must allege that the defendant knowingly or recklessly made a false or misleading statement of material fact in connection with the purchase or sale of a security, upon which plaintiff reasonably relied, proximately causing his injury.” Kowal v. MCI, 16 F.3d 1271, 1276 (D.C.Cir.1994) (footnote omitted); see Dura Pharm., Inc. v. Broudo, 544 U.S. 336, 341-342, 125 S.Ct. 1627, 161 L.Ed.2d 577 (2005) (<HOLDING>). A court may not dismiss a complaint under
holding that the basic elements of section 10b and rule 10b5 claims are 1 a material misrepresentation or omission 2 scienter ie a wrongful state of mind 3 a connection with the purchase or sale of a security 4 reliance often referred to in cases involving public securities markets fraudonthemarket cases as transaction causation 5 economic loss and 6 loss causation ie a causal connection between the material misrepresentation and the loss internal citations omitted holding that a plaintiff alleging securities fraud must show that a defendant 1 made a material misrepresentation or a material omission as to which he or she had a duty to speak 2 with scienter 3 in connection with the purchase or sale of securities holding that plaintiffs failed to plead loss causation where their only allegation was the payment of artificially inflated prices for defendants securities and their complaint failed to provide defendants with notice of what plaintiffs relevant economic loss might be or of what the causal connection might be between that loss and the alleged misrepresentation at issue  holding breach of best execution duty is a material misrepresentation in connection with the purchase or sale of the securities 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