Mealey's (August 16, 2019, 12:29 PM EDT) -- PHILADELPHIA — A nonvoting board observer that is affiliated with an issuer’s placement agent is not a “person who, with his consent, is named in the registration statements as being or about to become a director[] [or] person performing similar functions” under Section 11 of the Securities Act of 1933, a Third Circuit U.S. Court of Appeal panel ruled in a divided July 23 opinion (Obasi Investment Ltd., et al. v. Tibet Pharmaceuticals Inc., et al., No. 18-1849, 3rd Cir., 2019 U.S. App. LEXIS 21902)....