Slack Technologies v. Pirani (598 U.S. 759)
U.S. Supreme Court · decided June 1, 2023 · Supreme Court Database (Spaeth)
- Citation
- 598 U.S. 759 · 143 S. Ct. 1433
- Decided
- June 1, 2023
- Term
- October Term 2022
- Vote
- 9–0
- Majority author
- Justice Gorsuch
- Issue area
- Economic Activity
- Disposition
- Vacated and remanded
- Outcome
- Petitioning party won
- Ideological direction
- Conservative
Opinion excerpt
(Slip Opinion) OCTOBER TERM, 2022 1 Syllabus NOTE: Where it is feasible, a syllabus (headnote) will be released, as is being done in connection with this case, at the time the opinion is issued. The syllabus constitutes no part of the opinion of the Court but has been prepared by the Reporter of Decisions for the convenience of the reader. See United States v. Detroit Timber & Lumber Co., 200 U. S. 321 , 337. SUPREME COURT OF THE UNITED STATES Syllabus SLACK TECHNOLOGIES, LLC, FKA SLACK TECHNOLOGIES, INC., ET AL. v. PIRANI CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE NINTH CIRCUIT No. 22–200. Argued April 17, 2023—Decided June 1, 2023 This case arises from a public offering of securities governed by the Se- curities Act of 1933, and the issue presented is what a public buyer must allege to state a claim under §11 of the Act. The 1933 Act re- quires a company to register the securities it intends to offer to the public with the Securities and Exchange Commission. See, e.g., 15 U. S. C. §§77b(a)(8), 77e; see also §77d. As part of that process, a com- pany must prepare a registration statement that includes detailed in- formation about the firm’s business and financial health so prospective buyers may fairly assess whether to invest. See, e.g., §§77f, 77g, 77aa. The law imposes strict liability on issuing companies when their reg- istration statements contain…
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