Who diligences the disclosures?
SEC Rule 10b-5
It shall be unlawful for any person:
- To make any untrue statement of a *Material Fact
- To omit to state a Material Fact necessary to make statements not misleading
- To engage in any act which would operate as a fraud or deceit upon any person in connection with the purchase of any security
*Material Fact = what a reasonable shareholder would consider important
