Notwithstanding Janus ...

Law360, New York (December 9, 2011, 2:09 PM EST) -- In Janus Capital Group Inc. v. First Derivative Traders, 131 S. Ct. 2296, 2302 (2011), the United States Supreme Court defined what it means to “make” a statement under Securities and Exchange Rule 10b-5(b), holding that the maker of a statement is the person or entity with “ultimate authority” over the statement.[1]

Following Janus, some defendants have successfully argued that they were not the makers of allegedly false statements and have won dismissal of claims that they violated Rule 10b-5.[2] In Munoz v. China Expert Technology Inc.,...
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