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ZPR Investment Management Inc. v. Securities and Exchange Commission

861 F.3d 1239 (2017)

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ZPR Investment Management Inc. v. Securities and Exchange Commission

United States Court of Appeals for the Eleventh Circuit
861 F.3d 1239 (2017)

CS

Facts

ZPR Investment Management, Inc. (ZPRIM) (defendant), an investment adviser registered with the Securities and Exchange Commission (SEC) (plaintiff), published advertisements claiming it complied with Global Investment Performance Standards (GIPS), a set of voluntary performance standards widely used in the investment-management industry. Under GIPS guidelines, an advertisement claiming GIPS compliance must include information about the investment manager’s performance over multiple specified time periods. Most of ZPRIM’s advertisements claiming GIPS compliance omitted the required GIPS performance data, though ZPRIM later sent a fact sheet containing the required GIPS performance data to prospective investors. The SEC issued an administrative order against ZPRIM for violating § 206 of the Investment Advisers Act of 1940 (Advisers Act), finding that ZPRIM’s advertised claims of GIPS compliance were materially false. ZPRIM appealed the SEC’s order to the United States Court of Appeals for the Eleventh Circuit.

Rule of Law

Issue

Holding and Reasoning (Martin, J.)

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Casebooks

Securities Regulation

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