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.
