Category: ’33 Act
Supreme Court Hears Oral Argument in Slack Direct Listing Case
The Supreme Court heard oral argument on Monday in Slack Technologies v. Pirani, which presents the question of whether shareholders in a direct listing have standing to sue under Sections 11 and 12 of the Securities Act of 1933. As we discussed in a previous post, the Ninth Circuit held […]
US Supreme Court to Hear Direct Listing Appeal
On December 13, 2022, the US Supreme Court granted Slack’s petition for a writ of certiorari, which urged the Court to review the Ninth Circuit’s ruling that shareholders in a direct listing have standing to sue under Sections 11 and 12 of the Securities Act of 1933. The Court’s opinion […]
Ninth Circuit Rejects ‘Direct Listing’ Carve-Out from Securities Act Liability
On September 20, 2021, the United States Court of Appeals for the Ninth Circuit issued its much anticipated decision in Pirani v. Slack Technologies, Inc., which raised the novel question (a question of first impression, according to the panel) of whether shareholders lack standing to sue under Sections 11 and […]
Cooley Obtains Complete Dismissal of Securities Class Action for Biopharmaceutical Company
Earlier this month, a team of Cooley litigators achieved a significant victory on behalf of French biopharmaceutical company GENFIT, S.A., obtaining complete dismissal of a putative class action alleging violations of Sections 11 and 15 of the Securities Act of 1933. On August 10, 2021, Justice Jennifer G. Schecter of […]