Insight: Supreme Court’s Lorenzo Ruling—Questions Remain on Interpretation

By: John F. Libby | Molly Wyler
– Bloomberg Law

“The U.S. Supreme Court handed the Securities and Exchange Commission a big win on March 27 in Lorenzo v. SEC, by expanding liability for securities fraud cases based on misstatements and omissions.

“In Lorenzo, the court significantly broadened the reach of the SEC’s anti-fraud rule to cover persons who distribute statements they know to be false, whether or not they were the makers of those statements; i.e., they were involved in drafting or creating the statement.”

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