On April 4, 2024, the First Department issued a decision in Camelot Event Driven Fund v. Morgan Stanley & Co., LLC, 2024 NY Slip Op. 01866, holding that a Securities Act claim can be based on truthful but misleadingly incomplete disclosures . . . Continue reading Securities Act Claim Can be Based on Truthful but Misleadingly Incomplete Disclosures
On November 2, 2023, the First Department issued a decision in Camelot Event Driven Fund v. Morgan Stanley & Co. LLC, 2023 NY Slip Op. 05534, holding that a PSLRA stay applies in state court, but does not extend to appeals of unsuccessful motions to dismiss . . . Continue reading PSLRA Stay Applies to Suits in State Court, But Does Not Extend to Appeals of Unsuccessful Motions to Dismiss
On November 17, 2022, the First Department issued a decision in Kohl v. Loma Negra Compania Indus. Argentina S.A., 2022 NY Slip Op. 06553, holding that a Section 11 plaintiff was not required to plead or prove loss causation and rejecting a negative causation defense . . . Continue reading Section 11 Plaintiff Not Required to Plead or Prove Loss Causation; Court Rejects Negative Causation Defense
On May 2, 2022, Justice Borrok of the New York County Commercial Division issued a decision in City of Warwick Mun. Empls. Pension Fund v. Restaurant Brands Intl. Inc., 2022 NY Slip Op. 50337(U), holding that purchasers in secondary public offerings had standing to assert Securities Act claims . . . Continue reading Purchasers in Secondary Public Offerings Had Standing to Assert Securities Act Claims
