Series 79: Modified Or Superseded Documents (Rule 412)

Modified or Superseded Documents (Rule 412)

Rule 412, while only two paragraphs long, is heavy going: the first sentence alone is 115 words, unbroken by any punctuation. The upshot, however, is that a statement in a registration statement or prospectus is deemed to be modified or superseded by a subsequent amendment or other filing. The modifying or superseding statement may, but does not have to, point out that it is modifying or superseding a prior statement. Most important from a liabi