Ninth Circuit Decision Addresses Securities Act Standing for Direct Listings

Reuters Legal News

Peter B. Morrison Noelle M. Reed Raza Rasheed

Partners Peter Morrison and Noelle Reed and associate Raza Rasheed take a look at a recent Ninth Circuit ruling that held that a shareholder plaintiff had statutory standing to pursue claims under Sections 11 and 12(a)(2) of the Securities Act of 1933 arising out of a direct listing even though he could not prove that he purchased shares traceable to the issuer's registration statement and offering prospectus.