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June 23, 2022

23 June 2022

The Era of Section 11 Litigation in State Courts Appears To Be Ending

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On April 28, 2022, a state appellate court for the first time addressed provisions in a public company’s certification of incorporation that designate federal court as the sole forum for the litigation of Section 11 claims.  Wong v. Restoration Robotics, Inc.,  – Cal. Rptr. 3d –, 2022 WL 1261423.  Section 11 of the Securities Act of 1933 gives stock purchasers a claim against stock issuers and a broad range of other defendants for materially false or misleading statements in registration statements.  (more…)