Simpson Thacher Attorneys Author Article on Supreme Court Case on Standing and Direct-Listing Shares
02.17.23
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Litigation Partners Jonathan Youngwood, Peter Kazanoff, Craig Waldman and Stephen Blake, and Senior Counsel David Elbaum authored an article titled, “Simpson Thacher Discusses Supreme Court Case on Standing and Direct-Listing Shares,” which was published by The Columbia Law School Blue Sky Blog. The article details how the Supreme Court recently granted certiorari to consider whether Sections 11 and 12(a) of the Securities Act require a plaintiff who purchased shares through a direct listing to plead and prove that he bought shares registered under a specific allegedly misleading registration statement, in a case it will hear and rule on later this term. It further explains how the appeal is of a 2021 Ninth Circuit decision interpreting the “such security” language in Section 11 and Section 12(a)to mean any share, registered or unregistered, and holding that plaintiff need not prove that he bought registered shares.
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