Reuters

Circuits split over whether social media posts may give rise to section 12 seller liability

March 6, 2023 - Section 12 of the Securities Act of 1933 imposes liability on a person who "offers or sells" unregistered securities or registered securities "by means of a prospectus or oral ...
Reuters

9th Circuit extends tracing requirement to Section 12(a)(2) of the Securities Act of 1933

April 28, 2025 - Companies that raise capital through public offerings of stock, such as in an IPO, have historically faced a heightened risk of being sued in securities class actions when their stock ...
JD Supra

Ninth Circuit Holds that Social Media Posts May Give Rise to “Seller” Liability Under Section 12(a)(2) of the Securities Act of 1933

In Pino v. Cardone Capital, LLC, 2022 U.S. App. LEXIS 35278 (9th Cir. Dec. 21, 2022), the United States Court of Appeals for the Ninth Circuit (Lynn, J.) joined with the Eleventh Circuit in holding ...