9th U.S. Circuit Court of Appeals,
Civil Litigation,
Securities
Oct. 1, 2021
9th Circuit approves securities claims in direct listing offerings
In a landmark ruling, a divided court gave the green light for securities actions against companies that went public through direct listing on stock exchanges, even though, as historically has been required, the plaintiff could not show that his stock was issued pursuant to the challenged registration statement.
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.
In a landmark ruling, a divided 9th U.S. Circuit Court of Appeals gave the green light for securities actions against companies that went public through direct listing on stock exchanges, even though, as historically has been required, the plaintiff could not show that his stock was issued pursuant to the challenged registration statement. The much-anticipated decision in
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Pirani v. Slack Technologies
A shareholder who had purchased shares through a direct listing had standing to sue on the grounds that the registration statement was misleading.
