In a follow-up to their article published in June, the authors discuss two questions raised but not fully answered in Slack: probabilistic pleading under Section 11 of the 1933 Act and the proper construction of Section 12 of the 1933 Act.
November 08, 2023 at 10:00 AM
7 minute read
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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