Statutory Underwriter Someone who has become an underwriter within the meaning of the securities laws, even if that was not the intended status. The statutory definition of underwriter has sometimes been interpreted very broadly, especially where securities fraud has been alleged. Persons, who purchased shares from the company or an insider and then resold them, may find they are a statutory underwriter. So may persons who provide services in a public offering. Since liability can arise solely out of the status of underwriter, often without regard to intent, it is an important area for preventative law.
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