In what has come to be known as the “Copy-Paste Fraud,” the Supreme Court held on March 27, 2019 that an individual who knowingly disseminates false and misleading information to prospective investors with the intent to defraud may be held liable under subsections (a) and (c) of Rule 10b-5, even if the disseminator would not qualify as the “maker” of the statements at issue and consequently could not be held personally liable for the statements under subsection (b) of the Rule.
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