In June 2011, the Supreme Court held, in Janus Capital Group, Inc. v. First Derivative Traders (''Janus''), that the ''maker'' of a materially false statement subject to liability under Section 10(b) of the Securities Exchange Act, and Rule 10b-5(b) thereunder, is ''the person or entity with ultimate authority over the statement, including its content and whether and how to communicate it.'' Put another way, the Supreme Court effectively ruled that the ''maker'' of a statement is the party whom you would more commonly refer to as the ''speaker,'' as opposed to the ''speechwriter.''
Click here to read the full text of this article
Originally published by Bloomberg BNA, Securities Regulation & Law Report 5/12/14
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
