Will The Supreme Court Cut Securities Plaintiffs Some Slack?

Earlier this week, the U.S. Supreme Court heard oral argument in the Slack case, the high-profile securities law case the Court is considering this term. In the following guest post, Joseph Gross of the Wiley firm provides a detailed overview of the legal issues in the case and summarizes the parties' oral arguments. I would like to thank Joe for allowing me to publish his article as a guest post on this site. I welcome guest post submissions from responsible authors on topics of interest to this site's readers. Please contact me directly if you would like to submit a guest post. Here is Joe's article.

On April 17, 2023, the Supreme Court held oral argument in Slack Techs. LLC v. Pirani-a case regarding standing under Sections 11 and 12(a)(2) of the Securities Act of 1933 (the "'33 Act") that is being closely watched by the D&O bar. The Court will decide whether plaintiffs bringing these claims after buying stock through a direct listing need to prove that they