To have standing to sue under Section 11 of the 1933 Act in a class action, a plaintiff must be able to prove that he can trace his shares to the registration statement in question, as to which there is alleged a material misstatement or omission.Slack v. Prani, Supreme Court of the United States (2023). In the absence of an ability to actually trace his shares, such as when securities issued at multiple times are held by the depository trust company in a fungible bulk and physical tracing of particular shares may be impossible, the plaintiff may be barred from pursuing his claim for lack of standing.
To have standing to sue under Section 11 of the 1933 Act in a class action, a plaintiff must be able to prove that he can trace his shares to the registration statement in question, as to which there is alleged a material misstatement or omission.Slack v. Prani, Supreme Court of the United States (2023) In the absence of an ability to actually trace his shares such as w,hen securities issued at multiple times are held by the depository trust company in a fungible bulk and physical tracing of particular shares may be impossible, the plaintiff may be barred from p.ursuing his claim for lack of standing.