NEW: Cleary Gottlieb discusses the U.S. District Court for the District of Connecticut’s decision in Selwyn Karp v. SI Financial Group, Inc., et al., C.A. No. 19-199-MPS, order (D. Conn. Apr. 16, 2020), dismissing claims under Section 14 of the Securities Exchange Act challenging the sufficiency of disclosures in a preliminary proxy statement issued in connection with a proposed merger, where defendants declined to issue supplemental disclosures in response to plaintiff’s complaint, finding that allegedly omitted information, though helpful to investors, was insufficient to state a claim, in Rare Federal Court Decision Casts Doubt On Merger Disclosure Claims, But Will It Change Anything?
Wilson Sonsini discusses strategies for limiting securities liability in connection with initial public offerings, including direct listings and carve-outs to IPO lock-up agreements, in Carving Out IPO Protections.