IPO Flight

New evidence from the Committee on Capital Markets Regulation chronicles the flight of IPOs from American to foreign markets.  More United States companies are going abroad and more foreign companies are not coming here.  Moreover, foreign companies listed in the United States are de-listing at higher rates and those foreign companies that list here are choosing a semi-private market, Rule 144a offerings, rather than public offerings.  Our legal system is much too blame.  At issue is which part -- is it private class action and derivative litigation or is it SOX 2002 auditing and certification requirements?  It is probably elements of both -- I suspect that our private class action system is the primary culprit.