{"code":"CORP","codeName":"Corporations Code","section":"25401","citation":"Corp. Code, § 25401","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"TITLE 4. SECURITIES [25000. - 31528.]","url":"https://blackletter.si/corporations-code/title-4"},{"name":"DIVISION 1. CORPORATE SECURITIES LAW OF 1968 [25000. - 25707.]","url":"https://blackletter.si/corporations-code/title-4/division-1"},{"name":"PART 5. FRAUDULENT AND PROHIBITED PRACTICES [25400. - 25404.]","url":"https://blackletter.si/corporations-code/title-4/division-1/part-5"}],"history":"Amended by Stats. 2015, Ch. 190, Sec. 19.   (AB 1517)   Effective January 1, 2016.","effective":"2016-01-01","html":"<p>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.</p>","text":"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.","otherVersions":[],"url":"https://blackletter.si/corporations-code/fraudulent-and-prohibited-practices-25401","source":"California Legislative Information bulk export (pubinfo)"}