However, was there a material omission under securities law?
That is actually a rhetorical question.
Of course there is thieving going on.
The commodities markets are even more crooked than the securities markets - because they are more thinly traded and more easily manipulated. That is not 'from me' - it is from a person I am aquainted with who is a whiz at commodities - and can out-trade the freakin' BIG TIME crooks - and has done so on a routine basis.
Crooked ? Beyond even a shadow of a doubt.