Ninth Circuit Decision Addresses Securities Act Standing for Direct Listings

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.