In Pirani v. Slack Technologies, Inc.,1 a divided panel of the U.S. Court of Appeals for the Ninth Circuit held that investors who purchase stock in a direct listing in which pre-existing shares are sold to the public without underwriters.
On September 20, 2021, in Pirani v. Slack Technologies, Inc., a divided panel of the U.S. Court of Appeals for the Ninth Circuit held that investors who purchase stock in a “direct.