Supreme Court expands liability for false statements under the federal securities laws

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On March 27, the Supreme Court issued its much-anticipated decision addressing whether someone who is not the "maker" of a misstatement can nonetheless be primarily liable for fraud under the federal securities laws, when the misstatement is the only deceptive conduct at issue. Lorenzo v. SEC, 2019 WL 1369839 (U.S. Mar. 27, 2019).

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