Publications Oct 29, 2021 Ninth Circuit: Plaintiff Who Purchased Shares in a Direct Listing Has Standing Under Section 11 and Section 12(a)(2) Regardless of Whether Shares Were Registered or Unregistered Oct 29, 2021 Delaware Supreme Court: In Overruling Gentile v. Rossette the Court Throws Out the Exception to Tooley’s “Simple” Test to Distinguish Between Direct and Derivative Claims Oct 29, 2021 Delaware Supreme Court: Adopts Three-Part Demand Futility Test; Agrees That Exculpated Claims Do Not Excuse Demand as They Do Not Expose Directors to a Substantial Likelihood of Liability Oct 29, 2021 Southern District of New York: Misleading “Comforting Statements” Not Alleged Even Where Defendants Speculated About a Potential Positive Impact on Demand