U.S. Supreme Court justices on Monday weighed a bid by Salesforce Inc's Slack Technologies to avoid a lawsuit over its 2019 direct listing in a case that could undermine the ability of shareholders to sue companies for alleged misstatements when they go public.
WASHINGTON, April 17 - U.S. Supreme Court justices on Monday weighed a bid by Salesforce Inc's
The justices heard arguments in an appeal by Slack, which makes workplace communications software, of a lower court ruling that let the proposed class action lawsuit filed by shareholder Fiyyaz Pirani for alleged violations of a federal investor protection law proceed. A direct listing is an alternative to a traditional initial public offering.
Slack contends that Pirani's lawsuit alleging violations of Sections 11 and 12 of a federal law called the Securities Act of 1933 must be dismissed because he cannot prove that he bought registered shares that were specified in the company's allegedly misleading registration statement for the direct listing, rather than shares that were exempt from registration. The registration statement was filed with the U.S. Securities and Exchange Commission .
"That strikes me as a big issue for these direct listings and something that I'm not sure we're fully equipped at this moment to chime in on," conservative Justice Brett Kavanaugh told Slack's lawyer, Thomas Hungar.
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