Lorenzo v. SEC

Decided March 27, 2019. Stephen Gerald Breyer delivered the opinion of the Court.

Docket 17-1077 · 587 U.S. 71 (2019) · Cited 141 times

Holding

Dissemination of false or misleading statements with intent to defraud can fall within the scope of SEC Rules 10b–5(a) and (c), as well as the relevant statutory provisions, even if the disseminator cannot be held liable under Rule 10b–5(b).

The Court’s statement of the holding, from the opinion’s syllabus. The syllabus is prepared by the Reporter of Decisions and is not part of the opinion of the Court. Read the official opinion for authority.

How the Justices voted

Decided 6–2.

“Concurring” means agreeing with the outcome; any split shown is the Court’s judgment, not each Justice’s reasoning. The lineup is the syllabus’s disposition of who wrote and joined each opinion. Source: the opinion’s syllabus (supremecourt.gov).

Precedents cited

Supreme Court decisions this opinion relies on, ordered by how often it cites each. Cases in our collection link through; others are named.

• Janus Capital Group, Inc. v. First Derivative Traders · 564 U.S. 135 (2011)
• Aaron v. Securities & Exchange Commission · 446 U.S. 680 (1980)
• Central Bank of Denver, N. A. v. First Interstate Bank of Denver, N. A. · 511 U.S. 164 (1994)
• Radlax Gateway Hotel, LLC v. Amalgamated Bank · 566 U.S. 639 (2012)
• Ernst & Ernst v. Hochfelder · 425 U.S. 185 (1976)
• United States v. Naftalin · 441 U.S. 768 (1979)
• Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc. · 552 U.S. 148 (2008)
• Securities & Exchange Commission v. Capital Gains Research Bureau, Inc. · 375 U.S. 180 (1963)
• Affiliated Ute Citizens of Utah v. United States · 406 U.S. 128 (1972)
• D. Ginsberg & Sons, Inc. v. Popkin · 285 U.S. 204 (1932)
• Securities and Exchange Commission v. W. J. Howey Co. · 328 U.S. 293 (1946)
• Herman & MacLean v. Huddleston · 459 U.S. 375 (1983)
• Santa Fe Industries, Inc. v. Green · 430 U.S. 462 (1977)
• United States v. Gilliland · 312 U.S. 86 (1941)

Cited by

Later Supreme Court opinions in our collection that cite this case.

• SEC v. Jarkesy · 603 U.S. 109 (2024)

Official text

Read the official opinion (PDF, supremecourt.gov)

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Stephen Gerald Breyer’s profile · All Supreme Court opinions · The Supreme Court

Source: Supreme Court of the United States, slip opinions (2019). Citation count from the Free Law Project’s CourtListener bulk data. Data last verified 2026-08-15. Informational only; verify against the primary source before relying. Not a consumer report (FCRA).