Is Privity Required Or Not Required Under Section 25500?

California Corporations Code Section 25400 lists a variety of acts that are considered to manipulate the price of securities.  Section 25400 was modeled on Section 9(a) – (e) of the Securities Exchange Act of 1934.  Although Section 25400 declares these acts to be “unlawful”, the statute does not technically impose liability.  The legislature left that duty to