No. 22-200October Term 2022Decided Jun 1, 2023
Slack Technologies, LLC v. Pirani
In a case involving Slack's direct public listing, the Supreme Court ruled that individuals suing under Section 11 of the Securities Act of 1933 must prove they purchased shares directly traceable to the allegedly misleading registration statement.
Case status
- Current stage
- Decided
- Latest event
- Decision released Jun 1, 2023
- What it's about
In a case involving Slack's direct public listing, the Supreme Court ruled that individuals suing under Section 11 of the Securities Act of 1933 must prove they purchased shares directly traceable to the allegedly misleading registration statement.
Question presented
Whether Sections 11 and 12(a)(2) of the Securities Act of 1933 require plaintiffs to plead and prove that they purchased shares registered under the registration statement they claim is misleading.
- Case path
United States Court of Appeals for the Ninth Circuit / Decision released Jun 1, 2023
- Area
Business and Regulation
Documents
Related cases
Grounding
- Grounding
- Primary-source trail available.
- Note
- Plain-English explainer. Official filings and opinions remain authoritative.
- Checked
- Mar 31, 2026
- Method
- Methodology
Primary materials8
Supreme Court docket 22-200
docket | Mar 31, 2026
Primary case document
Supreme Court document | Mar 31, 2026
CourtListener docket record
docket | Mar 31, 2026
Questions Presented
brief | Mar 8, 2026
Pirani
opinion | Jun 1, 2023
opinion
opinion | Jun 1, 2023
Petition
brief | Aug 31, 2022
Lower Court Orders/Opinions
order | Jul 13, 2022