U.S. Court of Appeals for the Ninth Circuit

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Case Updates

Ninth Circuit denies petition for rehearing in case regarding the “tracing” requirement for claims under Section 11 of the Securities Act of 1933

May 02, 2022

U.S. Chamber files coalition amicus brief in support of petition for rehearing

November 15, 2021

The coalition amicus brief supports rehearing in the Ninth Circuit regarding whether plaintiffs have standing to challenge the direct listing of a security under Sections 11 & 12(a)(2) of the Securities Act of 1933 if they merely purchased a security of “the same nature” as a registered security. The brief argues that the en banc court should restore the long-standing tracing rule upon which capital markets have come to rely.

Andrew B. Clubok, Gavin M. Masuda, Morgan E. Whitworth, and Gregory Mortenson of Latham & Watkins LLP and the U.S. Chamber’s Litigation Center served as co-counsel for the U.S. Chamber.

Case Documents