Securities,
Class Action,
9th U.S. Circuit Court of Appeals
Feb. 11, 2025
9th Circuit reverses course, dismisses shareholder lawsuit against Slack
The ruling follows a U.S. Supreme Court decision that found plaintiffs must prove they purchased shares traceable to the allegedly misleading registration statement. The decision is a major win for direct listings, a growing alternative to traditional IPOs.
A 9th U.S. Circuit Court of Appeals panel reversed itself Monday in the wake of a U.S. Supreme Court decision and directed a San Francisco judge to dismiss a shareholder lawsuit against Slack Technologies Inc. accusing the company of making a misleading registration statement in its direct listing.
The panel followed Justice Neil M. Gorsuch's decision for a unanimous Supreme Court vacating the panel's previous decision allowing plaintiff Fiyyaz Pirani's putative class...
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