There must be a substantial likelihood that the disclosure of an omitted fact would have been viewed by the reasonable investor as having significantly altered the 'total' mix of information made available. But it can also be defined as . . . Information is 'material' if its disclosure would be likely to have an impact on the price of a security or if reasonable investors would want to know the information before making an investment decision. In other words, information is material if it would significantly alter the total mix of information currently available regarding the security.
Disclosure is the dissemination of material information to the marketplace.
Changes in earnings expectations. Merger, acquisition or joint venture. Stock split or stock dividend announcement. Significant stock repurchase intent. Major borrowings or sales of additional securities.