A manipulative device is the statutory phrase covering schemes that inject false information into price formation. Courts have read it as reaching conduct that is deceptive in effect, not merely statements that are false in words.
history and doctrine · updated 2026-09-08
See also
Rule 10b-5— Rule 10b-5 is the SEC's general antifraud rule, adopted under Exchange Act section 10(b). It prohibits any device, scheme or artif…
Market manipulation— Market manipulation is conduct that interferes with the honest formation of a price — through fake orders, coordinated trades, fal…