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Securities Act of 1933 › Supreme Court of the United States › PSLRA

The Securities Act of 1933 is a United States federal statute enacted in response to the stock market crash of 1929 and the ensuing Great Depression. The Act has two primary purposes: 1) to give investors better... more +
The Securities Act of 1933 is a United States federal statute enacted in response to the stock market crash of 1929 and the ensuing Great Depression. The Act has two primary purposes: 1) to give investors better access to material information prior to investing 2) ensure that transactions are not based on fraud. In order to effectuate its dual goals, the Act requires that any offer or sale of securities is registered with the SEC. less -
Dechert LLP

Securities and Derivative Litigation: Quarterly Update - September 2024

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Highlight the Third Circuit’s adoption of the de novo standard of review in evaluating appeals of derivative litigation demand-futility decisions; Explore the Sixth Circuit’s recognition of the applicability of the...more

A&O Shearman

United States Supreme Court Dismisses Appeal In Case Concerning Whether Private Securities Litigation Reform Act’s Automatic Stay...

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On February 21, 2023, the United States Supreme Court formally dismissed the appeal of a case in which a settlement had been announced after certiorari was granted to review a decision by a California state court allowing...more

Proskauer - Corporate Defense and Disputes

Supreme Court to Decide Whether Discovery Stays Apply to State-Court Securities Lawsuits This Fall

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One of the most significant differences between bringing a securities lawsuit in state versus federal court is the application of the mandatory discovery stay set forth in the Private Securities Litigation Reform Act (the...more

Seyfarth Shaw LLP

In the Wake of the Pandora’s Box Opened by the Supreme Court’s Cyan Decision, Court to Address Discovery Stay Question in State...

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On July 2, 2021, the US Supreme Court granted the Petition for a Writ of Certiorari filed in Pivotal Software, to address one of the many questions stemming from the Court’s decision in Cyan, which permitted state courts to...more

A&O Shearman

U.S. Chamber Of Commerce's Institute Of Legal Reform Publishes Report On "Broken Securities Class Action System" And Proposes...

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On February 25, 2019, the U.S. Chamber of Commerce’s Institute of Legal Reform (the “ILR”) published a report entitled “Containing the Contagion: Proposals to Reform the Broken Securities Class Action System” (the “Report”)....more

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden's 2019 Insights: Securities Class Action Filings Show No Signs of Abating

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As anticipated, securities class action filings remained high in 2018, with more than 400 filings in federal court, and the number is expected to remain high in 2019. While the total number is slightly less than in 2017, it...more

Butler Snow LLP

Skeptical of Elephants in Mouseholes and Monster Arguments, the Supreme Court Holds Plaintiffs Can Still File 1933 Act Securities...

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On March 20, 2018, the United States Supreme Court released its unanimous decision in Cyan, Inc. v. Beaver County Employees Retirement Fund, 138 S.Ct. 1061 (2018). In Cyan, the Court considered whether plaintiffs can file...more

Moore & Van Allen PLLC

The Doors of State Courthouses Remain Open to Class Action Plaintiffs with Federal Securities Act of 1933 Claims Related to...

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In 2017, federal securities class actions were filed at a rapid clip, averaging more than one per day – a level not seen in nearly 20 years according to survey data. It was the third year of growth and a 44% increase over...more

Bass, Berry & Sims PLC

IPOs and Registered Offerings Beware – Supreme Court Decision Risks Increased Lawsuits in State Courts

Bass, Berry & Sims PLC on

On March 20, 2018, a unanimous United States Supreme Court, in Cyan, Inc. v. Beaver Cty. Employees Ret. Fund, No. 15-1439, 2018 WL 1384564, answered two questions concerning investors' ability to pursue alleged violations of...more

Fenwick & West LLP

Supreme Court Rules That Securities Act Class Actions May Proceed in State Court

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The U.S. Supreme Court has ruled that class action plaintiffs can bring claims under the Securities Act of 1933 in either state or federal court. ...more

Kramer Levin Naftalis & Frankel LLP

Supreme Court in Cyan Upholds State Court Securities Act Class Actions

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In Cyan, Inc. v. Beaver County Employees Retirement Fund, No. 15-1439, decided on March 20, 2018, the Supreme Court unanimously held that class actions based solely on the Securities Act of 1933 (33 Act) may be brought in...more

Troutman Pepper

Supreme Court's Cyan Decision Means Open Season for Investor Class Actions After IPOs

Troutman Pepper on

The U.S. Supreme Court issued a unanimous decision on March 20 holding that investors are free to file securities class action lawsuits challenging the veracity of stock registration statements under Section 11 of the...more

Jones Day

Supreme Court Rules on State Court Jurisdiction over Securities Act Lawsuits

Jones Day on

In recent years, plaintiffs increasingly have challenged initial public offerings by filing securities class actions in state courts, especially California, due to an unsettled jurisdictional question. In Cyan, Inc. v. Beaver...more

Cooley LLP

Alert: Supreme Court Allows Securities Act Class Actions to Remain in State Court

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Last Tuesday, the Supreme Court issued its opinion in Cyan Inc. v. Beaver County Employees Retirement Fund. The opinion by Justice Elena Kagan for a unanimous court answered two questions: Did the Securities Litigation...more

A&O Shearman

U.S. Supreme Court Holds In Cyan That SLUSA Does Not Divest State Courts Of Jurisdiction Over Federal Securities Act Claims And...

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On March 20, 2018, the Supreme Court of the United States, in a unanimous decision delivered by Justice Kagan, ruled that state courts have jurisdiction to adjudicate class actions brought under the Securities Act of 1933...more

Mintz

Issuers Face Changing Litigation Landscape, Challenges Due to Supreme Court Ruling

Mintz on

In a boon for public company shareholder plaintiffs this week, the U.S. Supreme Court upheld state courts’ concurrent jurisdiction over securities class actions alleging violations of certain federal securities laws. The...more

Perkins Coie

U.S. Supreme Court Confirms State Courts Can Resolve Covered 1933 Act Class Actions

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On Tuesday, a unanimous U.S. Supreme Court held that state courts have jurisdiction to hear “covered” class-action claims under the Securities Act of 1933 (1993 Act), and that defendants may not remove such claims to federal...more

Orrick, Herrington & Sutcliffe LLP

Supreme Court Affirms State Courts Have Jurisdiction To Hear Federal Securities Act Class Actions In Cyan, Inc. V. Beaver County...

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Earlier this week, the U.S. Supreme Court issued its highly anticipated ruling in Cyan, Inc. v. Beaver County Employees Retirement Fund, which addresses whether state courts have jurisdiction over securities class actions...more

BakerHostetler

Supremes Hold SLUSA Is Clear – 33 Act Class Claims Stay in State Court

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Yesterday, the United States Supreme Court, in a unanimous decision, handed class action plaintiffs a victory by holding that the Securities Litigation Uniform Standards Act of 1998 (SLUSA) allows them to pursue alleged...more

Latham & Watkins LLP

Supreme Court: SLUSA Does Not Prohibit State Court Jurisdiction Over Securities Act Class Actions

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In Cyan, Inc., the Justices unanimously decide that state courts have jurisdiction over federal Securities Act class actions. Key Points: ..Resolves split of authority on whether the Securities Litigation Uniform...more

Seyfarth Shaw LLP

Supreme Court Affirms State Courts’ Jurisdiction Over 1933 Act Claims

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Seyfarth Synopsis: In a much-awaited decision on which courts and counsel have reached different conclusions for years, the United States Supreme Court held on March 20, 2018 that the Securities Litigation Uniform Standards...more

Pillsbury Winthrop Shaw Pittman LLP

Supreme Court Confirms State Court Jurisdiction of ’33 Act Claims

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A unanimous ruling rejects arguments that SLUSA eliminates concurrent state-court jurisdiction of “covered class actions” brought under the Securities Act of 1933, or at least permits the removal of such actions. Supreme...more

Fox Rothschild LLP

U.S. Supreme Court Rules Some Securities Class Actions May Proceed In State Court

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Dealing a blow to businesses with initial public offerings in their future or recent past, the U.S. Supreme Court unanimously held that state courts may exercise jurisdiction over class action cases filed solely under the...more

Goodwin

U.S. Supreme Court Holds That SLUSA Did Not Eliminate State Court Jurisdiction Over 1933 Act Class Actions or Permit Their Removal...

Goodwin on

In the closely watched case Cyan, Inc. v. Beaver County Employee Retirement Fund, the U.S. Supreme Court has decided that the Securities Litigation Uniform Standards Act of 1998 did not eliminate concurrent state court...more

Wilson Sonsini Goodrich & Rosati

U.S. Supreme Court Holds that Securities Act Class Actions May Be Brought in State Courts

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Today, the Supreme Court of the United States held that state courts have jurisdiction over class actions brought under the Securities Act of 1933 (Securities Act) and that such actions filed in state court may not be removed...more

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