Henry W. Leung

Apr 1, 2024 | law360.com | Daniel Wolff |Henry W. Leung

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Mar 1, 2024 | americanbar.org | David Chung |Henry W. Leung

Sackett resolved uncertainty about how to apply the different tests espoused in Rapanos by endorsing the “relatively permanent” test and rejecting the “significant nexus” standard. After Sackett, the Biden administration conformed its 2023 Rule defining waters of the United States but failed to address its interpretation of the “relatively permanent” rule in light of Sackett.

Jun 8, 2023 | lexology.com | Henry W. Leung |William Bruno |Matthew Moisan |Ryan Flynn

In its long-awaited decision in Slack Technologies, LLC v. Pirani, 598 U.S. ___, No. 20-200 (June 1, 2023), the Supreme Court ruled that the tracing requirement of Section 11 of the Securities Act of 1933 applies to suits brought by investors in direct listings. Although the ruling definitively resolves an ambiguity in the statutory text, it leaves the door open to adverse consequences for both companies and investors in direct listings.