Corporations Code section 25401

It is unlawful for any person to offer or sell a security in this state, or to buy or offer to buy a security in this state, by means of any written or oral communication that includes an untrue statement of a material fact or omits to state a material fact necessary to make the statements made, in the light of the circumstances under which the statements were made, not misleading.

Source: Section 25401, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=CORP§ionNum=25401.­ (updated Jan. 1, 2016; accessed Jun. 18, 2026).

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Verified:
Jun. 18, 2026

§ 25401's source at ca​.gov