I find it interesting that investors don't really have to prove they were ever mislead, just that misleading statements were made about something bad that happened. For example if you didn't actually read Wells Fargo's diversity statement, you would have been incapable of making any financial decisions based on them, thus you were never actually lied to or defrauded. Can investors demonstrate that they changed their investing patterns based on diversity statements?
If a lie is whispered in the forest and no one is around to hear it, is it securities fraud?
If a lie is whispered in the forest and no one is around to hear it, is it securities fraud?