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Articles by Kevin M. Papay
9th Circ. Ruling Clarifies Auditor Liability For IPO Errors
By Warren Rissier, Kevin Papay and Michael Hacker ( December 16, 2025, 3:52 PM EST) -- The U.S. Court of Appeals for the Ninth Circuit on Nov. 10 affirmed the dismissal of a securities claim against an auditor, holding it was not strictly liable for alleged misstatements in its client's initial public offering.... Law360 is on it, so you are, too. A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence.
Ninth Circuit Confirms Securities Act of 1933 Does Not Impose Strict Liability on Auditors | JD Supra
The US Court of Appeals for the Ninth Circuit recently affirmed dismissal of a securities claim against an auditor, holding it was not strictly liable for alleged misstatements in its client’s initial public offering. The case, Hunt v. PricewaterhouseCoopers LLP, was the Ninth Circuit’s first occasion to consider application of the US Supreme Court’s Omnicare decision to claims against an auditor under Section 11 of the Securities Act of 1933.
Ninth Circuit Confirms Securities Act of 1933 Does Not Impose Strict Liability on Auditors
The US Court of Appeals for the Ninth Circuit recently affirmed dismissal of a securities claim against an auditor, holding it was not strictly liable for alleged misstatements in its client’s initial public offering. The case, Hunt v. PricewaterhouseCoopers LLP, was the Ninth Circuit’s first occasion to consider application of the US Supreme Court’s Omnicare decision to claims against an auditor under Section 11 of the Securities Act of 1933.
US Supreme Court to Hear Appeal Regarding Securities Act Claims in Direct Listings | JD Supra
The US Supreme Court recently agreed to hear an important appeal of a US Court of Appeals for the Ninth Circuit decision interpreting Sections 11 and 12(a)(2) of the Securities Act of 1933 in the context of a direct stock listing. These sections of the Securities Act of 1933 (the Securities Act) allow investors to bring claims based on a false or misleading statement in a registration statement.
US Supreme Court to Hear Appeal Regarding Securities Act Claims in Direct Listings
The US Supreme Court recently agreed to hear an important appeal of a US Court of Appeals for the Ninth Circuit decision interpreting Sections 11 and 12(a)(2) of the Securities Act of 1933 in the context of a direct stock listing. These sections of the Securities Act of 1933 (the Securities Act) allow investors to bring claims based on a false or misleading statement in a registration statement.
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