Morrison & Foerster’s Jim Beha, Michael Birnbaum, Jina Choi and Mark Foster recently authored the article, “Lorenzo v. SEC: U.S. Supreme Court Holds Defendant Liable Under Federal Securities Fraud Law for “Disseminating” False Statements He Did Not “Make”” for Law360. The piece examines the ramifications of the Court’s decision and the possibility that it may open the door to other types of conduct giving rise to primary liability and, as a result, subject more individuals and entities to claims of securities fraud under Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5.
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