U.S. Supreme Court
Jun. 2, 2023
Supreme Court appears to sanction direct listings
Justice Neil M. Gorsuch wrote that the securities law “requires a plaintiff to plead and prove that he purchased shares traceable to the allegedly defective registration statement.”
The U.S. Supreme Court on Thursday vacated and remanded a 9th U.S. Circuit Court of Appeals decision that had allowed an investor’s shareholder suit against Slack Technologies LLC to go forward over an allegedly misleading registration statement in a direct listing.
The decision sends the case back to lower courts to determine whether Fiyyaz Pirani can prove he purchased shares traceable to the allegedly defective registration statement.
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