Blue Apron, Stitch Fix Can’t Use IPO to Force Federal Forum (1)

Blue Apron, Roku, and Stitch Fix can’t use policies put in place before their IPOs to force all securities complaints against them into federal court, a Delaware judge said Dec. 19.

Several companies pursuing initial public offerings began including federal forum selection provisions in their bylaws in 2017. But those provisions are “ineffective and invalid” because federal securities claims don’t stem from Delaware law, according to a Delaware Chancery Court opinion.

Blue Apron Holdings Inc., Stitch Fix Inc., and Roku Inc.'s pre-IPO certificates of incorporation, all filed in Delaware, required investors to bring all claims under the Securities Act ...