9th Circuit’s Section 11 Ruling Does Not Create Circuit Split, High Court Told

Mealey's (November 4, 2022, 2:14 PM EDT) -- WASHINGTON, D.C. — The U.S. Supreme Court should deny review of a Ninth Circuit U.S. Court of Appeals ruling that a shareholder may state a claim for violations of Section 11 of the Securities Act of 1933 for shares of a company he purchased without being able to show that he relied on an allegedly misleading registration statement provided in connection with the issuance of the securities because the ruling has not created a split among the circuits, the shareholder argues in an opposition brief....