Today, fraud claims alleging a failure to disclose might be based upon violations of federal securities laws, state blue sky laws, state consumer protection laws, and other federal and state anti-fraud statutes.
Because the discussion regarding materiality in a federal securities fraud action are also applicable in the main to fraud claims alleged under the common law, the state blue sky laws, or other anti-fraud federal and state statutes, the discussion of materiality will not treat the latter separately.