Supreme Court Agrees to Take Up Question of ’33 Act Standing in Slack Direct Listing Case | The D&O Diary

On December 13, 2022, the U.S. Supreme Court granted the petition of Slack Technologies to have the court take up the question of the plaintiff’s standing to pursue ’33 Act liability claims against the company. The standing question arises because the plaintiff bought his Slack shares in connection with the June 2019 transaction in which Slack went public through a direct listing rather than through a traditional IPO. Though the standing questions arises in the relatively narrow context of the company’s direct listing, the standing questions at issue potentially could affect ’33 Act liability claims in other contexts as well.

Source: Supreme Court Agrees to Take Up Question of ’33 Act Standing in Slack Direct Listing Case | The D&O Diary