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Cooley LLP | USA | 6 Jun 2023
Lurking Behind the Headline: Significant Regulatory Changes Beyond Gainful Employment in ED’s Latest NPRM
More than a year after the Department of Education (ED) completed its negotiated rulemaking covering an array of regulations related to institutional…
Shearman & Sterling LLP | USA | 6 Jun 2023
Second Circuit considering whether syndicated term loan notes sold to buyers are “securities” - case update: kirschner v. jpmorgan Chase bank, n.a. (2d Cir. Appeal)
As we previously covered, on May 22, 2020, Judge Paul G. Gardephe of the United States District Court for the Southern District of New York dismissed…
Cooley LLP | USA | 5 Jun 2023
Unanimous Supreme Court Decision Limits Scope of Direct Listing Lawsuits
The US Supreme Court unanimously ruled that a shareholder suing under Section 11 of the Securities Act of 1933 must demonstrate that their shares are…
SEC Actions | European Union, USA | 5 Jun 2023
This Week In Securities Litigation (Week of June 5, 2023)
The Commission settled its first insider trading case based on crypto assets last week. The agency also filed new actions centered on offering frauds…
Proskauer Rose LLP | USA | 5 Jun 2023
SEC Brings First Liquidity Rule Enforcement Action Against Investment Adviser and Fund Board
On May 5, 2023, the Securities and Exchange Commission ("SEC") filed charges against Pinnacle Advisors LLC ("Pinnacle Advisers"), an investment…
Dechert LLP | USA | 5 Jun 2023
Supreme Court Gives Securities Plaintiffs No Slack: Section 11 Requires Tracing Shares to Registration Statement
On June 1, 2023, a unanimous U.S. Supreme Court held in Slack Techs., LLC v. Pirani that Section 11 of the Securities Act of 1933 requires “a…
Nelson Mullins Riley & Scarborough LLP | USA | 5 Jun 2023
SEC Releases New C&DIs on 10b5-1 Plans and Insider Trading Disclosures
The SEC released, on May 25, 2023, three new Compliance and Disclosure Interpretations (C&DIs) focused on recent changes to Rule 10b5-1 and reporting…
Willkie Farr & Gallagher LLP | USA | 5 Jun 2023
Supreme Court Rules that Plaintiffs Must Plead and Prove that Shares Purchased in a Direct Listing Are Traceable to a Registration Statement Under Section 11
On Thursday, the United States Supreme Court issued its highly-anticipated ruling in Slack Technologies, LLC v. Pirani, No. 22-200. In a unanimous…
Paul, Weiss, Rifkind, Wharton & Garrison LLP | USA | 5 Jun 2023
Supreme Court Limits Who May Sue Under Section 11 of the Securities Act
On June 1, 2023, the Supreme Court unanimously held in Slack Technologies v. Pirani that Section 11 of the Securities Act of 1933 requires plaintiffs…
Cooley LLP | USA | 5 Jun 2023
SCOTUS decides Slack—in direct listings, tracing required for §11 standing
On Thursday, SCOTUS decided Slack Technologies v. Pirani in a unanimous opinion by Justice Gorsuch holding that, even in a registration by direct…
