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News and Results

SKV SECURES DISMISSAL OF SECURITIES CLASS ACTION FROM TEXAS STATE COURT

In 2018, the U.S. Supreme Court held in Cyan, Inc. v. Beaver County Employees Retirement Fund that class actions under the Securities Act of 1933 brought in state court can no longer be removed to federal court. Cyan ushered in a new era of federal securities litigation: the filing of securities class actions in the courts of states with little or no connection to the plaintiffs, the public offerings of stock, or the operative facts of the litigation. In one of the first such cases filed in Texas, SKV, led by Partners Craig Smyser and Razvan Ungureanu, defended a British company and four of its individual officers in a ’33 Act class action brought by two out-of-state pension funds.