Liability of issuers in connection with published information
Part VI Official Listing
Schedule 10A makes provision about the liability of issuers of securities to pay compensation to persons who have suffered loss as a result of—
(a)a misleading statement or dishonest omission in certain published information relating to the securities, or
(b)a dishonest delay in publishing such information.F768]
(a) section 102A(1), (2) and (6) (meaning of “securities” and “issuer”);
Defined in Sch.10A para.8(6) · see it in the full ActThe court applies section 90A as requiring reliance to be established as an essential element of the securities claims. Its fraud-based and reliance requirements help control speculative or unmeritorious litigation, so the court must retain power to test reliance during case management. (see paras [83]-[87]; [128]-[130]; [142]-[143])
Issuer liability for the Maxpower allegations required proof of the prescribed knowledge or dishonesty of a person discharging managerial responsibilities within the issuer. A sufficiently pleaded allegation against at least one such person could proceed (see paras [56]; [60]-[66]).
Identifies the elements requiring determination, including standing, misleading or omitted information, PDMR knowledge, reasonable reliance and causation and loss. The statutory elements informed the allocation of issues between Trial One and Trial Two. (see paras [1], [7], [12], [56])
2 more judgments, and what each says about section 90A, are in the case-law panel in the full Act.