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Colorado Law is proud to share that Professor Andrew A. Schwartz’s article, , was recently selected for inclusion in the Securities Law Review as one of the top 10 most notable securities law articles of the year, chosen by its editors.����

The Securities Law Review is updated annually and is published by Thomson Reuters. This law review seeks to keep readers up to date regarding changes in securities law through choosing the best related research over the past year. Selected academic works are compiled into a single volume for publication.����

Ghosting the Crowd was originally published in the Washington and Lee Law Review last year. The article reports that more than half of companies that raise capital through Regulation Crowdfunding fail to file the single annual report required by federal securities law—thereby “ghosting” their investors. The article proposes that the SEC amend its regulations to require platforms to withhold one percent of the funds raised, releasing them only once the company files its mandatory annual report.��

"It is a deep honor to have Ghosting the Crowd recognized among the top securities law articles of the year," said Professor Schwartz. "To have my work selected by fellow scholars whose judgment I deeply respect makes this recognition especially meaningful. Investment crowdfunding holds great promise as a way for everyday Americans to invest in startups, and I hope this article helps strengthen the regulatory framework so that investors receive the transparency they deserve."��

Andrew A. Schwartz is the Laurence W. DeMuth Chair of Business Law at the University of Colorado Law School and was recently elected to the American Law Institute. He is an internationally recognized expert on investment crowdfunding and the author of Investment Crowdfunding (Oxford University Press, 2023). His research is widely cited by courts and commentators, including numerous citations by the Delaware Court of Chancery.��