Rule 10b-5 under the Exchange Act is a general antifraud provision that prohibits companies from making material misstatements or omissions in connection with the purchase or sale of securities. Rule 10b-5 applies to company information posted on its website as it is considered part of the “total mix” of information made available to the public. In the Release, the SEC provided guidance with respect to the following kinds of website postings:

  • previously posted materials

  • hyperlinks to third-party information

  • summary information

  • blogs and shareholder forums

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