Supreme Court Clarifies What It Means To "Make" a Statement for Rule 10b-5 LiabilityTravis S. Biffar,Robert W. Gaffey,Thomas R. Jackson,Eric Landau,Michael J. McConnell,Robert C. Micheletto, June 22, 2011
On June 13, 2011, the United States Supreme Court, in a 5-4 opinion delivered by Justice Thomas, held that an entity that does not have ultimate authority and control over the content of a statement or whether and how to communicate the statement does not "make" the statement for purposes...