The Supreme Court ruled in favor of the SEC in a 6-2 decision, holding that an investment banker had violated Rules 10b-5(a) and (c), Section 10(b) of the Exchange Act, and Section 17(a)(1) of the Securities Act by knowingly disseminating false information to prospective investors at the direction of his boss. The investment banker signed and forwarded two emails that were drafted by his boss to investors that contained false and misleading statements. The Supreme Court held that a party does not need to be a “maker” of a misstatement under Janus Capital Group, Inc. v. First Derivative Traders, 564 U.S. 135 (2011), to  be found to have violated Rules 10b-5(a) and (c) and related provisions of the securities laws. Justice Kavanaugh recused himself from the case because he issued a dissenting opinion in the case at the court of appeals level.

Supreme Court Opinion