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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
Litigating Section 11's Tracing Requirement: A Practitioner's View of a Powerful Defense June 2019 Share Summary To recover under Section 11 of the Securities Act of 1933, a plaintiff must be able to “trace” his or her shares to an allegedly false or misleading registration statement.
Pleading Section 11 Liability for Secondary Offerings
https://www.americanbar.org/groups/litigation/committees/securities/practice/2017/pleading-section-11-liability-for-secondary-offerings/
In order to adequately allege a Section 11 claim, a plaintiff must allege facts sufficient to show that he or she purchased shares that were registered under the allegedly misleading registration statement. The precise requirement is that the plaintiff must be able to “trace” his or her shares to the registration statement at issue.
TRACING THE INVISIBLE: SECTION 11’S TRACING …
http://ctlj.colorado.edu/wp-content/uploads/2021/02/16.1_8-Belcher-1.22.18-FINAL.pdf
This tracing requirement is especially potent due to the practice of holding stocks in a fungible bulk without identifying the origin of such stock. This Note argues that the debate surrounding tracing and Section 11 can be settled by recording the ownership of public securities through the use of blockchain.
Cleary Gottlieb Discusses How Court Allowed ... - CLS …
https://clsbluesky.law.columbia.edu/2020/05/04/cleary-gottlieb-discusses-how-court-allowed-securities-liability-for-slacks-direct-listing/
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]
Tracing The Invisible: Section 11’s Tracing Requirement …
https://www.buchalter.com/publication/tracing-the-invisible-section-11s-tracing-requirement-and-blockchain/
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TRACING THE INVISIBLE: SECTION 11'S TRACING REQUIREMENT …
https://www.readkong.com/page/tracing-the-invisible-section-11-s-tracing-requirement-and-2556301
TRACING THE INVISIBLE: SECTION 11’S TRACING REQUIREMENT AND BLOCKCHAIN SEAN BELCHER* When the Securities Act of 1933 was enacted, investors were shell- shocked from the aftermath of the Wall Street Crash of 1929 and demanded a check on corporate over-speculation. One of the most powerful checks the new legislation imposed was embodied in ...
Tracing Meets Twombly : Ninth Circuit Sets Section 11 Pleading ...
https://blogs.orrick.com/securities-litigation/2013/02/05/tracing-meets-twombly-ninth-circuit-sets-section-11-pleading-standards-for-aftermarket-purchasers/
Section 11 provides a remedy to shareholders who purchase securities under “a materially false or misleading registration statement.” When shares are issued under only one such registration statement, this tracing requirement is not a problem.
Complex and Novel Section 11 Liability Issues of …
https://www.lw.com/thoughtLeadership/section-eleven-liability-direct-listings
Section 11. To establish standing under Section 11, a plaintiff must “trace” the shares it purchased to the challenged registration state- ment. See 15 U.S.C. §77k(a). In the case of a traditional IPO, tracing is easily established by anyone who purchased stock before non-IPO shares enter the market. But trac-
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.
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