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Securities and Exchange Commission Rule 10b-5 forbids "any person…[t]o make any untrue statement of a material fact" in connection with the purchase or sale of securities. In June 2011, the U.S. Supreme Court held in Janus Capital Group v. First Derivative Traders1 that, for Rule 10b-5 purposes, "the maker of a statement is the person or entity with ultimate authority over the statement, including its content and whether and how to communicate it." This holding promised a sea change in the way certain classes of securities litigation are handled in the federal courts, which until then had afforded plaintiffs far broader latitude in satisfying Rule 10b-5.

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