Mealey's (April 19, 2023, 2:30 PM EDT) -- WASHINGTON, D.C. — U.S. Supreme Court justices questioned during oral argument whether it was necessary for them to determine that the Ninth Circuit U.S. Court of Appeals erred in ruling that a shareholder may state a claim for violations of Sections 11 and 12(a)(2) of the Securities Act of 1933 for shares he purchased without being able to show that he relied on an allegedly misleading registration statement or whether they could answer the Section 11 question in the company’s favor and vacate and remand without addressing the Section 12 issue....