Board Observers’ Functions Are Distinct from Directors for Liability Purposes Under Section 11 - National Law Review -BoardProspects

Board Observers’ Functions Are Distinct from Directors for Liability Purposes Under Section 11

National Law Review Aug 2 2019 BoardBlogs

Last week, the United States Court of Appeals, Third Circuit issued a ruling in Obasi Investment Ltd v. Tibet Pharm., Inc which pronounced that under Section 11 of the Securities Act of 1933, a board observer is not a person “performing similar functions” as a director on a corporate board...
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