By Jim Beha, Michael Birnbaum, Jina Choi and Mark Foster ( March 29, 2019, 3:34 PM EDT) -- On March 27, 2019, in Lorenzo v. U.S. Securities and Exchange Commission, the U.S. Supreme Court clarified that the types of conduct that violate the three subsections of SEC Rule 10b-5 are not mutually exclusive. The court held that while a defendant who is not the "maker" of misstatements may not be found liable under 10b-5(b), such defendant who disseminates false statements can still be found to violate the other subsections of Rule 10b-5 that prohibit fraudulent schemes and acts that operate as a fraud....
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