Slack Tells High Court Shareholder’s Registration Suit Must End

A Slack Technologies LLC investor who bought unregistered shares in a direct listing can’t sue the company over an allegedly misleading registration statement, the Salesforce Inc. unit said in a brief to the US Supreme Court.

Fiyyaz Pirani lacks standing to sue under Section 11 and Section 12 of the Securities Act of 1933, Slack told the justices Wednesday.

The high court is hearing the communication platform operator’s appeal from a September 2021 decision of the US Court of Appeals for the Ninth Circuit. Oral argument is set for April 17.

The case presented the Ninth Circuit with a question ...