Justice Thomas delivered the opinion of the Court. This case requires us to determine whether Janus Capital Management LLC (JCM), a mutual fund investment adviser, can be held hable in a private action under Securities and Exchange Commission (SEC) Rule 10b-5 for false statements included in its client mutual funds’ prospectuses. Rule 10b-5 prohibits “mak[ing] any untrue statement of a material fact” in connect…
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