News & Analysis as of

Securities Act of 1933 › Split of Authority

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 -
Latham & Watkins LLP

Supreme Court Slack Decision Confirms Narrow Interpretation of Section 11 Claims

Latham & Watkins LLP on

The unanimous opinion requires shareholder plaintiffs to plead and prove that they purchased shares traceable to an allegedly false or misleading registration statement. On June 1, 2023, the US Supreme Court issued its...more

Skadden, Arps, Slate, Meagher & Flom LLP

Supreme Court Grants Review of Scope of PSLRA Stay

Skadden, Arps, Slate, Meagher & Flom LLP on

On July 2, 2021, the Supreme Court granted the petition for writ of certiorari in Pivotal Software v. Tran, a case with significant implications for litigation brought under the Securities Act of 1933. The issue in Pivotal...more

Kramer Levin Naftalis & Frankel LLP

Supreme Court to Review Whether PSLRA Automatic Stay of Discovery Applies in Securities Act Cases Filed in State Court

Kramer Levin Naftalis & Frankel LLP on

Last week, the U.S. Supreme Court granted the petition for a writ of certiorari in Pivotal Software v. Tran, a case that could have significant implications for Securities Act of 1933 (Securities Act) cases brought in state...more

Skadden, Arps, Slate, Meagher & Flom LLP

Charter-Based Forum-Selection Provisions Designed to Govern Claims Under the Securities Act Found Invalid

Skadden, Arps, Slate, Meagher & Flom LLP on

In March 2018, the U.S. Supreme Court, in Cyan, Inc. v. Beaver County Employees Retirement Fund, 138 S. Ct. 1061 (2018), resolved a jurisprudential split among federal courts and held that certain federal securities claims...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

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...

A&O Shearman on

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

Perkins Coie on

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

Latham & Watkins LLP

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

Latham & Watkins LLP on

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

Pillsbury Winthrop Shaw Pittman LLP

Supreme Court Confirms State Court Jurisdiction of ’33 Act Claims

Pillsbury Winthrop Shaw Pittman LLP on

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

Wilson Sonsini Goodrich & Rosati

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

Wilson Sonsini Goodrich & Rosati on

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

Allen Matkins

Cyan And The California Company

Allen Matkins on

On March 20, 2018, the United States Supreme Court issued its decision in Cyan, Inc. v. Beaver County Employees Retirement Fund, reaffirming that a class action alleging only violations of the federal Securities Act of 1933...more

Skadden, Arps, Slate, Meagher & Flom LLP

Supreme Court Holds That Class Actions Brought Under Securities Act in State Court Are Not Removable

Skadden, Arps, Slate, Meagher & Flom LLP on

Today, in a unanimous decision, the U.S. Supreme Court held in Cyan, Inc. et al. v. Beaver County Employees Retirement Fund, et al., No. 15-1439, slip op. at __ (Mar. 20, 2018), that state and federal courts have concurrent...more

Bradley Arant Boult Cummings LLP

A Look Back at Significant Developments in Class Action Law in 2017

Bradley Arant Boult Cummings LLP on

From the standpoint of class action practice, 2017 was as important for what did not happen as for what did. Here are some of the highlights and lowlights of the 2017 class action scorecard, with a look forward to how the...more

A&O Shearman

U.S. Supreme Court Hears Oral Argument In Case That Raises Issue Of Whether State Courts Have Jurisdiction Over Securities Act...

A&O Shearman on

On November 28, 2017, the U.S. Supreme Court heard argument in Cyan, Inc. v. Beaver County Employees Retirement Fund, No. 15-1439, a case addressing whether state courts have jurisdiction over class actions asserting...more

A&O Shearman

SDNY Judge Adheres To Prior Ruling That Discovery Rule Applies To Securities Act Statute Of Limitations

A&O Shearman on

On July 28, 2017, Judge Victor Marrero of the United States District Court of the Southern District of New York denied a motion for reconsideration of an earlier decision declining to dismiss as untimely a putative class...more

Kramer Levin Naftalis & Frankel LLP

Supreme Court to Determine State Court Jurisdiction of Class Actions Under Securities Act of 1933

Kramer Levin Naftalis & Frankel LLP on

On June 27, the Supreme Court granted certiorari in Cyan Inc. et al. v. Beaver County Employees Retirement Fund et al., agreeing to weigh in on whether state courts have jurisdiction to hear class action lawsuits brought...more

BCLP

High Court to Address Whether State Courts May Hear Federal Securities Claims Regarding IPOs

BCLP on

The Supreme Court yesterday agreed to consider whether the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) precludes state court jurisdiction in actions that solely allege violations under the Securities Act of...more

Skadden, Arps, Slate, Meagher & Flom LLP

Supreme Court to Resolve Split on Removing Securities Act Claims to Federal Court

Skadden, Arps, Slate, Meagher & Flom LLP on

The Supreme Court granted the petition for certiorari in Cyan, Inc. v. Beaver Cty. Emps. Ret. Fund, No. 15-1439 (U.S. May 24, 2016) yesterday, setting the stage for the resolution of a long-standing division among federal...more

19 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up Log in
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide