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The law “imposes a presumption of scienter,” or knowledge that one’s actions are wrong, Baskervill wrote.

He said it is are that class action plaintiffs get summary judgment on falsity and scienter before going to a jury trial, scheduled in January.

But unlike two class-action suits brought this week alleging that Musk’s funding claims were misleading, a SEC action would not have to prove “scienter” – an intent to defraud or extreme recklessness – to prevail.

Yet proving scienter, or the intent or knowledge of wrongdoing, has been a staple requirement of British and American law for centuries lest innocent mistakes be prosecuted as intentional frauds.

Federal securities fraud under SEC rules require a showing of scienter, a legal term for intent or knowledge of wrongdoing.