U.S. Supreme Court
Apr. 18, 2023
High court appears likely to punt on direct share listing question
“Why not allow the lower courts to sort out the Section 12 issue before we give a definitive ruling on that?” asked Justice Brett M. Kavanaugh.
Several U.S. Supreme Court justices said they were inclined to send a shareholder lawsuit against Slack Technologies Inc. over its direct listing back to the 9th U.S. Circuit Court of Appeals to address how Section 12 of the Securities Act of 1933 should be interpreted.
Thomas G. Hungar, a partner with Gibson, Dunn & Crutcher LLP who represents Slack, argued that the 9th Circuit ruling allowing the complaint to move forward should be r...
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