What is the liability of a securities issuer or underwriter for a material omission in a registration statement or prospectus?
MultiRegion, United States of America
The following excerpt is from Shetty v. Trivago N.V., No. 19-0766 (2nd Cir. 2019):
Section 11 of the Securities Act imposes liability on a security's issuer or underwriter when that security's registration statement or prospectus contains "a material omission in contravention of an affirmative legal disclosure obligation." Litwin v. Blackstone Grp., 634
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