A 2018 New York Stock Exchange rule allowing the public trading of shares without an initial public offering has given rise to a potential new accountability issue that the US Supreme Court will take up on Monday.
At issue is whether people who purchase shares in a so-called direct listing have standing to sue the issuing company for making misrepresentations in its statement registering the stock with the Securities and Exchange Commission just prior to making it publicly available.
A divided panel of the US Court of Appeals for the Ninth Circuit ruled in September 2021 that investor Fiyyaz Pirani ...
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