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Market Fraud Theory in the Federal Ninth Circuit Court in 1975 of Blackie v. Barrack 's case first applied ; 1988 , the Sixth Circuit Court in Basic Inc. V. Levinson 's case further adopted this theory ; while the U.S. Supreme Court in that case the appeal trial of fraud on the market theory of recognition , the final marks in the theory of justice established.

以市场欺诈理论解释信赖关系的基本逻辑是，在一个有效的证券市场中，投资者是因信赖市场定价的公正性和整体性才进行交易的，而市场的价格将客观地反映虚假陈述的信息，因此，投资者以正常方式作出的投资决策是基于对市场定价的信赖，即是基于对虚假陈述的信赖。

Market fraud theory to explain the basic logic of a relationship of trust , in an efficient stock market , investors are pricing in reliance on the market before the fairness and integrity of transactions , and the market price will reflect objectively false statement information Therefore , investors in the normal way to make investment decisions are based on the market price of the trust , which is based on a false statement trust.

至于为什么证券市场中价格与信息之间有着此种内在联动关系，则必须借助有效资本市场假说加以解释，而这一假说也构成市场欺诈理论的经济学基础。该假说力图证明证券价格与信息之间存在着内在的联系，进而说明资本市场的效率与信息的互动关系。

As for why the stock market price and the intrinsic linkage between the information has such a relationship , you must use efficient capital market hypothesis to explain , but this hypothesis also constitutes fraud theory of market economics foundation . The hypothesis to prove that the price of securities and the information there is an intrinsic link between , then explain the efficiency of capital markets and information interaction. According to efficient capital market hypothesis, a capital markets if they can fully and accurately disclose all relevant information, which will be reflected in the price of securities in a timely manner , become factors affecting stock price formation , in such a capital market would not appear unusual profitable and, therefore, is efficient .

Thus, in a mature and effective on the market , the market price of securities reflects and includes all public , available information ; any investor , regardless of whether he was informed of such information , are in fact contain such information in accordance with the price transactions. Accordingly, market fraud theory that all untrue and deceptive information are also reflected in the market price of the securities , which in the case of a false statement , all market participants will follow a false statement reflects price or to buy or sell , even for the statement and the reality they have no knowledge . So false statements will constitute fraud on investors , even if investors are not directly rely on the false statement , unwitting investors in reliance on market prices will also be a false statement with the relationship of trust between the indirect and indirect trust enough to constitute authorization transaction causation element of trust required .

Who should come for investment decisions with evidence to prove that there is a relationship of trust between the misrepresentation issues relevant U.S. legislation and judicial practice in our solution there are differences and repeated .

U.S. civil liability of the securities statute mainly concentrated in the " Securities Act of 1933 " (Securities Act of 1993, hereinafter referred to as S