SelectQuote Appears Poised for Success to End Investors’ Appeal

SelectQuote Inc. might’ve convinced an appellate panel to shut down a proposed investor class bid to revive allegations the online insurance broker overstated its revenue and mischaracterized its sales teams’ skills surrounding its 2020 initial public offering.

Multiple judges of the US Court of Appeals for the Second Circuit spoke about SelectQuote competitors that also suffered stock declines, pressing the investors’ attorney during oral arguments Friday on how that squares with the argument about a revelation of shoddy salespeople lowering renewal rates.

“How do you connect the fact that ill-trained salesmen sold too many policies with a drop that seems ...