The Stoneridge holding is a welcome rejection of "gatekeeper liability" for investment banks, accounting firms, and legal professionals that provide services to companies that are later accused of defrauding their investors. The Securities and Exchange Commission (SEC) does, however, have statutory power to bring suit against "aiders and abettors." As the Court noted, over the last five years SEC enforcement actions alone have collected over $10 billion in disgorgement and penalties. The Court reaffirmed that Congress had not authorized private civil litigation against such defendants.