Securities
Feb. 7, 2023
Amici pour in as Supreme Court sets date to hear Slack securities case
Joseph A. Grundfest, a former Securities and Exchange Commission member who is now a Stanford Law School professor, expressed confidence that a majority of the justices will side with Slack. “It’s unlikely the Supreme Court granted cert to affirm the 9th Circuit,” he said.
Slack Technologies Inc. is challenging a 9th U.S. Circuit Court of Appeals ruling that allowed a shareholder suit against the company even though its offering was a direct listing.
The U.S. Supreme Court is scheduled to hear oral arguments on the case in April. The case will test whether direct listings, which have been tried by about a dozen companies as an alternative to initial public offerings, block standing in litigation.
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