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Securities Class Action Litigation Review: Ninth Circuit Opens Floodgates for Direct Listing Investors to Assert Section 11 Claim

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Description: This program discusses the Ninth Circuit’s latest decision in Pirani v. Slack Technologies, 13 F.4th 940 (9th Cir. 2021) that an investor purchasing through a direct listing could establish standing under Section 11, departing from past precedent and abandoning the previously strict tracing requirement courts have historically interpreted under Section 11.
In this program, we will discuss Section 11 securities liability exposure for companies going public by direct listing versus by IPO and the implications of this decision on securities class action litigation.
Presenter Bios
Jay Dubow co-leads the securities investigations and enforcement practice at Troutman Pepper. He focuses his practice on complex business litigation, with a special emphasis on defending against shareholder derivative and securities class action litigation. He also represents clients involved in investigations by the U.S. Securities and Exchange Commission (SEC) the Pennsylvania Department of Banking and Securities, and various self-regulatory organizations, including the Financial Industry Regulatory Authority, Inc. (FINRA). He also conducts internal investigations on behalf of clients. Such investigations have included allegations involving the Foreign Corrupt Practices Act (FCPA), whistle blower claims, financial fraud, and civil and criminal violations of various federal and state laws.
Jay also counsels cannabis and CBD industry clients on corporate and regulatory issues, as well as the potential risks both for cannabis-focused companies and non-industry participants doing business with cannabis companies.
Jay previously worked at a public credit card company as senior vice president, general counsel, and chief administrative officer. Jay began his career as a staff attorney and then branch chief in the Division of Enforcement of the SEC in Washington, D.C.
Active in local and national bar associations, Jay is a leader in the American Bar Association’s Business Law Section and currently serves as vice chair of the Business and Corporate Litigation Committee, co-chair of the Cannabis and Alcoholic Beverages Subcommittee, and vice chair of the Criminal and Enforcement Litigation Subcommittee. He is on the editorial board of The Business Lawyer, the law review of the Section of Business Law of the American Bar Association.
Bob Hickok is particularly interested in the application of economic analysis to resolve legal issues. He has used economic analysis in antitrust cases (product and market definition and product pricing), federal securities law cases (the efficient capital market theory), and commercial contract cases (measure of damages). In addition, Bob has substantial experience in litigation concerning the application of various accounting principles and is interested in applying technology to information and litigation management.
Previously, Bob worked as a federal prosecutor in the U.S. Attorney’s Office in Philadelphia, where he conducted numerous fraud, corruption, and tax prosecutions. Bob has been an adjunct professor at Drexel University Kline School of Law and Rutgers-Camden School of Law, where he taught courses in law and economics and professional responsibility.
A magna cum laude graduate of Harvard Law School, Bob was an editor of the Harvard Law Review and was one of two students in the second-year class awarded the Sears Prize for having the highest annual academic average. While at Harvard, he also received a master’s degree in law and economics.
Bianca DiBella is an associate with the business litigation and securities litigation practices. She represents clients throughout all stages of litigation and alternative dispute resolution addressing issues related to various business torts, securities fraud, corporate governance, and risk management. She has experience in both federal and state courts and has assisted in the representation of corporate entities in mediation and settlement discussions.

Practice Areas: Corporate & Securities, Litigation & Appeals, Tax Law
Online Media Type: Audio
Production Date: 02/23/2022
Level: Intermediate
Category: Standard
Duration: 1 Hours, 4 Minutes
Online Format: On Demand

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Total Credits: 1
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Status: Reciprocal Credit Available
Expiration: 02/22/2025
Training Type: Online

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Jay A. Dubow, Esq - Troutman Pepper Hamilton Sanders LLP
Robert L. Hickok, Esq - Troutman Pepper Hamilton Sanders LLP
Bianca DiBella, Esq - Troutman Pepper Hamilton Sanders LLP
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