The U.S. Supreme Court held that purchasers of shares sold to the public through a direct listing cannot sue under Section 11 of the Securities Act of 1933 unless they can trace their shares.
The U.S. Supreme Court held that purchasers of shares sold to the public through a direct listing cannot sue under Section 11 of the Securities Act of 1933 unless they can trace their shares.
The majority ruled that the plaintiff could sue under section 11 and 12 a 2 of Securities Claim Act because the shares he had purchased whether registered or unregistered. could not have been acquired without the issuance of the registration statement for the direct listing
The U.S. Supreme Court on Thursday limited the ability of shareholders to sue companies that go public via a direct listing, while not completely shutting down a lawsuit brought against popular messaging service Slack Technologies Inc.
The U.S. Supreme Court held that purchasers of shares sold to the public through a direct listing cannot sue under Section 11 of the Securities Act of 1933 unless they can trace their.