U.S. Supreme Court,
Securities
Jun. 9, 2023
Supreme Court limits claims for direct listings
In remanding the case to the 9th Circuit for further consideration, the Court dropped a tantalizing footnote suggesting that the plaintiff might still have a viable claim under another provision of the Securities Act.
Jared L. Kopel
Senior Counsel
Alto Litigation PC
Email: jared@altolit.com
Alto Litigation PC, a San Francisco litigation firm specializing in securities, intellectual property and commercial litigation. Mr. Kopel's practice includes shareholder litigation and the defense of Government investigations.
Sometimes the Supreme Court surprises us and sometimes the Court reaffirms what we already thought we knew. In Slack Technologies, LLC v. Pirani, No. 22-200, decided on June 1, the Supreme Court, in a unanimous decision by Justice Gorsuch, reiterated that a plaintiff bringing a claim under Section 11 of the Securities Act of 1933 must be able to plead and prove that his shares were registered under the challenged registration statement. Th...
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