How Second Circuit's 'Stadnick' Decision Provides Securities Clarity
The U.S. Court of Appeals for the Second Circuit added a valuable point of clarity in securities cases dealing with material omissions this past week, even if 'Stadnick v. Vivint Solar' did little to change how most attorneys say they plan to approach the law.
June 23, 2017 at 06:04 PM
5 minute read
The U.S. Court of Appeals for the Second Circuit added a valuable point of clarity in securities cases dealing with material omissions this past week, even if Stadnick v. Vivint Solar, 16-65-cv, did little to change how most attorneys say they plan to approach the law.
“The defense bar and defendants will appreciate the clarification, because I think Shaw was always viewed as an outlier,” said Orrick, Herrington & Sutcliffe partner Robert Stern, referring to the First Circuit decision at the heart of the debate in Stadnick.
Circuit Judge John Walker Jr., writing for the panel, set down the sole standard for dealing with Section 11 of the U.S. Securities Act, which holds an issue liable for excluding or providing untrue information in a registration statement.
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