Quote:

---

All of plaintiffs' damage claims are based on the idea that "I could have sold if only I had known the truth" which requires a liquid market.

---

There is a difference between a liquid market and an efficient market. With a liquid market it just means there's enough trading to enable the buying and selling of shares. An efficient market means that the share price is appropriate to the actual worth of the company. Manipulation of course means an inefficient market.