https://www.courtlistener.com/opinion/161559/city-of-philadelphia-v-fleming-co/
City of Philadelphia v. Fleming Co., 264 F3d 1245, 10th Cir. (2001)
In this case the court discusses in detail what a plaintiff in a securities fraud case has to show in order to prevail. What evidence is required in order to show that the defendant "deliberately" made misleading statements or omissions to potential stockholders.