United States:
10th Circ.'s Securities Fraud Reading May Be Too Broad
03 September 2019
Skadden, Arps, Slate, Meagher & Flom (UK) LLP
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Partner Peter Morrison, counsel Virginia Milstead and associate
Raza Rasheed review the U.S. Court of Appeals for the Tenth
Circuit's ruling in Malouf v. SEC, which held that the
defendant could be liable under SEC Rules 10b-5(a) and (c) for
knowingly failing to correct another party's material
misstatements in connection with a securities transaction. The
decision is the first by a circuit court to apply the U.S. Supreme
Court's recent decision in Lorenzo v. SEC.
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