9th Circ. Case Could Gut Section 11 Shareholder Protections

Law360 (May 26, 2021, 3:55 PM EDT) -- The U.S. Court of Appeals for the Ninth Circuit is on the verge of deciding whether a new initial public offering mechanism will strip shareholders of any way to enforce liability under the Securities Act of 1933.

This case — Pirani v. Slack Technologies Inc. — was first decided in the shareholders' favor last year by U.S. District Judge Susan Illston of the U.S. District Court for the Northern District of California.

But the defendants sought, and were granted, immediate appeal to the Ninth Circuit, where the defendants seek to avoid all strict liability under the Securities Act by commingling both registered...

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