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SEC v. Jensen

United States Court of Appeals for the Ninth Circuit
835 F.3d 1100 (2016)


Facts

Peter Jensen (defendant) was the CEO of Basin Water, Inc. Thomas Tekulve (defendant) was the company’s CFO. The Securities and Exchange Commission (SEC) (plaintiff) alleged that the defendants overstated company revenues to defraud investors. Jensen and Tekulve each signed company financial statements containing the alleged overstatements. The SEC sued Jensen and Tekulve, alleging, among other things, a violation of SEC Rule 13a-14, which required a company’s CEO and CFO to certify that its financial statements were accurate. The district court granted the defendants summary judgment, ruling that the SEC did not have a cognizable claim against officers who certified false financial statements. The SEC appealed.

Rule of Law

Issue

Holding and Reasoning (Clifton, J.)

Concurrence (Bea, J.)

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