SEC v. TAMBONE: The First Circuit Reverses Course on What It Means to “Make” a Statement Under the Securities Laws

The First Circuit’s en banc ruling in SEC v. Tambone, No. 07 1384 (Mar. 10, 2010), vacated a key part of a prior ruling by a three-judge panel (Business Crimes Perspectives - February 2009), and provides important guidance on the scope of “primary violator” liability under Section 10(b) of the 1934 Exchange Act and Rule 10b-5 thereunder.