NY Appeals Court Makes 1st Post-Cyan Securities Act Ruling

Law360 (December 4, 2020, 9:34 PM EST) -- A New York state appeals court issued a decision determining the outcome of Securities Act of 1933 claims on Thursday in an apparent first since the U.S. Supreme Court's 2018 ruling that federal securities claims could be litigated in state court.

A five-judge panel unanimously reversed a lower court's holding and granted full dismissal of '33 Act claims against Ruhnn Holdings Ltd., a Chinese startup that facilitates social media influencers' marketing and promotional efforts within China's booming e-commerce industry.

A proposed investor class alleged in state court last year that the offering documents for Ruhnn's April 2019 initial public offering failed...

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