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It does not require proof of a substantial likelihood that disclosure of the omitted fact would have caused the reasonable investor to change his vote.
CENTERFORSECURITYPOLICY: Shariah��s Black Box
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"They cannot directly or indirectly, on camera or not for attribution, give CBS information which once broadcast creates a substantial likelihood for an unfair trial, " he said.
WSJ: 'DA' Show Will Go On
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What the standard does contemplate is a showing of a substantial likelihood that, under all the circumstances, the omitted fact would have assumed actual significance in the deliberations of the reasonable shareholder.
CENTERFORSECURITYPOLICY: Shariah��s Black Box