Under the Securities Exchange Act of 1934, a person is liable for making a false or misleading statement (or omission) of a material fact in an SEC filing (Section 18). Moreover, defrauding anyone in the purchase or sale of any security is illegal (Section 10). Under these provisions, a plaintiff must bring a suit within
The earlier of 2 years after discovery of the facts on which the suit is based or 5 years after the cause of action arose.