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Litigating Section 11's Tracing Requirement: A ... - Sidley …
https://www.sidley.com/en/insights/publications/2019/06/litigating-section-11s-tracing-requirement
Section 11 Liability Under the 1933 Securities Act for …
https://readingroom.law.gsu.edu/cgi/viewcontent.cgi?httpsredir=1&article=1044&context=lib_student
SECTION 11 (Securities Act of 1933, § 11, 15 U.S.C. § 77k ) This is the provision that grants an explicit right of action against issuers and other actors for material misstatements or omissions in a registration statement. The following provisions are subsections of this statute or are sections that supplement it.
Pleading Section 11 Liability for Secondary Offerings
https://www.americanbar.org/groups/litigation/committees/securities/practice/2017/pleading-section-11-liability-for-secondary-offerings/
Section 11 of the Securities Act of 1933, 15 U.S.C. § 77k, provides investors with the ability to hold issuers, officers, underwriters, and others liable for damages caused by untrue statements of fact or material omissions of fact within registration statements at the time they become effective.
Courts Cut Shareholders Slack on Section 11 Claims
https://corpgov.law.harvard.edu/2020/05/17/courts-cut-shareholders-slack-on-section-11-claims/
Unlike fraud claims under the securities laws which require proof of reckless or intentional misconduct, Section 11 imposes strict liability against the issuer for innocent or merely negligent misstatements in a registration statement and permits recovery for any decline below the stock’s initial offering price. [2]
Blockchain Technology May Enable Tracing in Securities …
https://www.natlawreview.com/article/blockchain-technology-may-enable-tracing-securities-act-litigation
section 11 of the securities act provides a cause of action for any person acquiring a security issued pursuant to a materially false registration statement, unless the purchaser knew about the...
“Statistical Tracing” under Section 11 of the …
https://www.martindale.com/matter/asr-134796.pdf
2 by “those who purchase securities that are the direct subject of the prospectus and registration statement.”7 Courts attempting to interpret the language of Section 11 have differed, however, as to whether its coverage is available solely to investors who purchase directly in the challenged offering, or extends beyond to aftermarket purchasers who later buy those same shares.
Ninth Circuit Broadens Shareholder Standing to Bring …
https://www.paulhastings.com/insights/client-alerts/ninth-circuit-broadens-shareholder-standing-to-bring-securities-act-claims
For years, the tracing rule has defined the class of shareholders who can bring Section 11 claims. Companies and underwriters have relied on the tracing rule to assess the timing, size, components, policies, and risks associated with an initial public offering and any subsequent Section 11 case.
California Court Applies "Tracing" Requirement To ETF
https://www.mondaq.com/unitedstates/shareholders/633498/california-court-applies-tracing-requirement-to-etf-shareholders-who-sue-under-section-11
A California state court held that shareholders of exchange-traded funds (ETFs) have standing to sue under Section 11 of the Securities Act of 1933 ("1933 Act") for an alleged prospectus misstatement only if they can trace their ETF shares back to shares that were originally sold pursuant to a materially false or misleading registration statement.
In Slack Direct Listing Case, California Federal District
https://www.orrick.com/en/Insights/2020/04/California-Federal-District-Court-Holds-That-Section-11-Plaintiff-Has-Standing-to-Sue
in reaching this conclusion, the court considered the text of section 11, which states that “ [i]n case any part of the registration statement, when such part became effective, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not …
15 U.S. Code § 77k - LII / Legal Information Institute
https://www.law.cornell.edu/uscode/text/15/77k
(a) persons possessing cause of action; persons liable in case any part of the registration statement, when such part became effective, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading, any person acquiring such security …
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