Both during and prior to the credit crisis events of 2008, a variety of regulatory and civil litigation matters emerged related to allegations of market manipulation in the auction rate securities (ARS) auction processes. CRA experts have supported counsel for a major underwriter of ARS during regulatory investigations of alleged market manipulation prior to 2006. We have also supported counsel for an issuer of ARS under regulatory investigation for alleged improper submission of bids in the auctions for its own issued ARS (during disruption of ARS market in early 2008).
Section 11 damages computation for direct listings
In September 2021, the Ninth Circuit ruled in Pirani v. Slack Technologies, Inc.[1] (Slack) that Section 11 liability applies to direct listing shares. This...