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- W153441772 abstract "On June 13, 2011, the United States Supreme Court issued a 5-4 decision in Janus Capital Group, Inc., v. First Derivative Traders.The opinion has far reaching implications for shareholders and/or investors who seek recourse for securities fraud under § 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 stemming from statements “made” in a registration statement or prospectus. The issue stems from a mutual fund created by Janus Capital Group (“JCG”) and managed by Janus Capital Management (“JCM”) a subsidiary of JCG. The mutual fund was created by JCG, is run by JCM officers, and has JCM associates on the board of trustees. The fund is a separate entity, which is owned by the mutual fund investors. The prospectus stated that the fund was not intended for market timing or excessive trading and that the fund could reject purchases/sales if it believed activity was related to market timing practices. However, JCG was investigated for allowing certain investors to market time the fund. The news caused the stock price of JCG to drop leading shareholders to bring suit. The Court held that the maker of a statement is the person or entity with “ultimate authority” over the statement. Even though petitioners had significant involvement in preparing the alleged misstatement, the Fund had “ultimate authority” over the writing of the prospectus. The Court reasoned that the corporate form holds for liability and not the perceived significant influence over an entity. Moreover, the Court stated this type of broadened liability was best left for Congressional review and not the courts.The Janus decision has created another high hurdle for those seeking recourse in private securities litigation under § 10(b) and potentially creates a roadmap towards the avoidance of securities fraud liability for corporate executives and financial institutions." @default.
- W153441772 created "2016-06-24" @default.
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- W153441772 date "2012-01-04" @default.
- W153441772 modified "2023-09-23" @default.
- W153441772 title "Recourse Under § 10(b) on Life Support: The Displacement of Liability and Private Securities Fraud Action after Janus v. First Derivative" @default.
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