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Try CasePortal for FreeJ. Gorsuch finds the lower court improperly determined that a buyer of shares may sometimes recover under Section 11 of the Securities Act of 1933 (Act) without the shares being directly linked to a misleading registration statement; this determination runs counter to previous interpretations of the Act. A buyer purchased shares of a technology company stock and continued to purchase shares over the course of a few months. When the stock value dropped, the buyer filed suit against the technology company alleging it filed a misleading registration statement, but the buyer did not stipulate that he purchased shares directly linked to the allegedly misleading registration statement. The instant court finds that Section 11 states that a shareholder may recover only when a buyer can trace the purchased shares to a false or misleading registration statement. The matter is remanded to the lower court for further consideration as to whether the buyer’s claims meet the criteria of Section 11. Vacated.