U.S. Securities and Exchange Commission building in Washington, D.C. January 5, 2019.
On June 26, 2023, we discussed the Supreme Court’s decision in Slack Technologies, LLC v. Pirani, 143 S. Ct. 1433 (2023), which held that traceability is necessary for statutory standing, an indispensable element of a claim under Section 11 of the Securities Act of 1933.
In this article, we discuss two issues that Slack did not address: (1) the pleading standard for traceability under Section 11 and (2) what, if any, traceability requirement applies under Section 12(a)(2).
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