Shariah’s Black Box

[171] Id. § 77l.

[172] See generally Loss & Seligman, supra note 10, at 1217-1239.

[173] Supra notes 134-137 and accompanying text.

[174] Loss & Seligman, supra note 10, at 1273-1301; see also Heuer,, Reese & Sale, supra note 137.

[175] 15 U.S.C. § 78ff(a); see also Heuer, Reese & Sale, supra note 137, at  [page number] & nn.53-54.

[176] A thoroughgoing analysis would require a determination of the following: whether the matter was a criminal indictment, SEC enforcement proceeding, or a private civil lawsuit and who was the defendant such as an issuer, investment advisor, or expert signatory to a registration statement and under which particular anti-fraud provision the matter was pursued. See generally Loss & Seligman, supra note 10.

[177] Vogel & Hayes, supra note 18, at 38.

[178] See Coughlin, supra note 24, at 147-150; supra note 162.

[179] 426U.S. 438 (1976).

[180] The materiality issues under the proxy rules are transferable to many other provisions, including Rule 10(b)-5. See, e.g., Basic Inc. v. Levinson, 485 U.S. 224, 232 (1988); Loss & Seligman, supra note 10, at 580 & n.148.

The relevant language of the proxy rules states:

No solicitation subject to this regulation shall be made by means of any proxy statement, form of proxy, notice of meeting or other communication, written or oral, containing any statement which, at the time and in the light of the circumstances under which it is made, is false or misleading with respect to any material fact, or which omits to state any material fact necessary in order to make the statements therein not false or misleading or necessary to correct any statement in any earlier communication with respect to the solicitation of a proxy for the same meeting or subject matter which has become false or misleading.

About David Yerushalmi

Mr. Yerushalmi is a lawyer specializing in litigation and risk analysis, especially as it relates to geo-strategic policy, national security, international business relations, securities law, disclosure and due diligence requirements for domestic and international concerns. David Yerushalmi has been involved in international legal and constitutional matters for over 25 years. David Yerushalmi is today considered an expert on Islamic law and its intersection with Islamic terrorism and national security. In this capacity, he has published widely on the subject including the principle critical scholarship on Shariah-compliant finance published in the Utah Law Review (2008, Issue 3). This work and the empirical investigation known as the Mapping Shariah project in America was the focus of a recent monograph published by the McCormack Foundation and the Center for Security Policy.