The U.S. Supreme Court building in Washington, D.C. Photo: Diego M. Radzinschi/ALM
On April 17, the Supreme Court is scheduled to hear argument in Slack Technologies, LLC v. Pirani, a case that seemingly deals with a technical issue of standing under Section 11 of the Securities Act of 1933, but which could render that provision largely irrelevant. Along with my Columbia law colleague, Professor Joshua Mitts, I have co-authored an amicus brief in this case that takes a position roughly midway between the two sides.
This column will assess both the implications of Slack and the predictable attempts by issuers and underwriters to downsize Section 11 further by manipulating its tracing requirements.
