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In a 9-0 ruling, the justices threw out a lower court's decision that had let the proposed class action lawsuit filed by shareholder Fiyyaz Pirani<\/a> proceed under what the Supreme Court concluded was an incorrect reading of a federal investor protection law. A direct listing<\/a> is an alternative to a traditional initial public offering.
The justices ordered the San Francisco-based 9th U.S. Circuit Court of Appeals to reconsider the case.
Pirani<\/a>'s lawsuit alleged violations of Sections 11 and 12 of a federal law called the Securities Act of 1933<\/a>. Pirani claimed that the company's registration statement and prospectus for its direct listing contained misstatements about service outages, the credits it promised to pay customers when service was disrupted, and the competition it faced from Teams, Microsoft's<\/a> rival software.
Slack<\/a> contended the lawsuit must be dismissed because Pirani cannot prove that he bought registered shares that were specified in the company's allegedly misleading registration statement rather than shares that were exempt from registration. The registration statement was filed with the U.S. Securities and Exchange Commission<\/a> (SEC).
The justices agreed with Slack<\/a>.
A plaintiff must \"plead and prove that he purchased shares traceable to the allegedly defective registration statement,\" conservative Justice Neil Gorsuch wrote in the ruling.
Salesforce, a major business software maker, purchased Slack for $27.7 billion in 2021.
Slack's view was that Section 11 of the Securities Act, which lets plaintiffs sue for falsities in a registration statement if they bought \"such security,\" refers to registered, not unregistered, shares. Section 12 focuses on untrue statements in a prospectus that accompanies the sale of a security.
In a direct listing, an approach approved by the SEC in 2018, registered shares and the unregistered shares of early investors in a company are made available to the public at the same time. That differs from an IPO, under which newly registered shares are offered to the public while existing shareholders are typically barred from selling their unregistered shares for months.
Slack's direct listing released 118 million shares that were registered under its registration statement and 165 million pre-existing shares that were exempt from registration. When Slack's stock price dropped, Pirani sued.
The San Francisco-based 9th U.S. Circuit Court of Appeals in 2021 rejected Slack's bid to dismiss the case because Pirani cannot prove his shares were registered, saying the argument in the context of a direct listing would \"create a loophole large enough to undermine the purpose of Section 11.\"
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在波判决中,法官否决了下级法院的判决,让该Fiyyaz提起集体诉讼,股东皮拉尼下进行的最高法院的结论是不正确的阅读一个联邦法律保护投资者。一个直接上市是一种替代传统的首次公开募股。
法官下令旧金山第九巡回上诉法院重新考虑。
皮拉尼的诉讼部分11和12的违反联邦法律的1933年证券法。皮拉尼声称,该公司的注册声明和招股说明书清单包含陈述关于服务中断,直接减免它承诺支付客户服务中断时,面临的竞争团队,微软的竞争对手的软件。
松弛主张诉讼必须被解雇,因为电阻无法证明他买了注册股票中指定公司涉嫌误导注册声明,而不是股票,免除登记。注册的声明是向美国证券交易委员会(SEC)。
法官同意松弛。
原告必须“辩护和证明他购买股票可追溯到据称缺陷登记声明,“保守的正义尼尔Gorsuch执政党中写道。
Salesforce,一个主要的商业软件制造商,缺口在277亿年以2021美元购买。
松弛的观点是部分11证券法案,允许原告起诉注册声明中列举了如果他们买了“这样的安全,”指的是注册,不注册,股份。12节侧重于不实陈述的招股说明书,伴随着一个安全的销售。
直接上市,美国证交会批准,2018年注册股票和未登记的早期投资者在一个公司的股票是向公众提供在同一时间。这不同于IPO,新登记的股票提供给公众,而现有股东通常是禁止出售他们的未注册的股票好几个月了。
松弛的直接清单发布了1.18亿股,在其注册登记声明和1.65亿股的豁免注册。低迷的股价下跌时,皮拉尼起诉。
旧金山第九巡回上诉法院在2021年拒绝了松弛的,驳回此案,因为电阻不能证明他的股票登记,说直接上市的上下文中论证将“创造一个漏洞大到足以破坏11节的目的。”
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