October Term 2022 · Docket 22-200
Does Section 11 liability cover unregistered shares sold in a direct listing?
Slack argues Section 11 covers only registered shares. Pirani argues it covers all shares in the offering.
Verified source milestones
- — An official oral-argument transcript was verified.
- — An official oral-argument transcript was verified.
- — An official Court opinion was verified.
The arguments, in order
This case may have been argued more than once. Each entry below uses that session's official transcript. Later arguments do not erase earlier ones.
Argument 1 ·
What happened at the argument
Mr. Russell argued the term such security refers to registered shares.
Mr. Hungar argued Sections 11 and 12 enforce registration requirements.
Mr. Hungar stated Slack did not withdraw its registration statement entirely.
Justice Sotomayor questioned why Section 4 needed specific mention in the statute.
Read the official transcript for this argument · Official argument details
Sources used for this argument breakdown
- Official Supreme Court Transcript — file page 10, lines 15-19 — Transcript, file page 10, lines 15-19
- Official Supreme Court Transcript — file page 10, lines 31-39 — Transcript, file page 10, lines 31-39
- Official Supreme Court Transcript — file page 10, lines 7-11 — Transcript, file page 10, lines 7-11
- Official Supreme Court Transcript — file page 11, lines 23-27 — Transcript, file page 11, lines 23-27
- Official Supreme Court Transcript — file page 11, lines 9-17 — Transcript, file page 11, lines 9-17
- Official Supreme Court Transcript — file page 4, lines 17-51 — Transcript, file page 4, lines 17-51
- Official Supreme Court Transcript — file page 46, lines 39-53 — Transcript, file page 46, lines 39-53
- Official Supreme Court Transcript — file page 5, lines 53-9 — Transcript, file page 5, lines 53-9
- Official Supreme Court Transcript — file page 6, lines 35-41 — Transcript, file page 6, lines 35-41
- Official Supreme Court Transcript — file page 6, lines 51-7 — Transcript, file page 6, lines 51-7
- Official Supreme Court Transcript — file page 60, lines 13-27 — Transcript, file page 60, lines 13-27
- Official Supreme Court Transcript — file page 66, lines 15-27 — Transcript, file page 66, lines 15-27
- Official Supreme Court Transcript — file page 66, lines 29-33 — Transcript, file page 66, lines 29-33
- Official Supreme Court Transcript — file page 67, lines 15-45 — Transcript, file page 67, lines 15-45
- Official Supreme Court Transcript — file page 69, lines 45-15 — Transcript, file page 69, lines 45-15
- Official Supreme Court Transcript — file page 7, lines 39-43 — Transcript, file page 7, lines 39-43
- Official Supreme Court Transcript — file page 71, lines 43-1 — Transcript, file page 71, lines 43-1
- Official Supreme Court Transcript — file page 72, lines 31-37 — Transcript, file page 72, lines 31-37
- Official Supreme Court Transcript — file page 72, lines 41-43 — Transcript, file page 72, lines 41-43
- Official Supreme Court Transcript — file page 73, lines 27-39 — Transcript, file page 73, lines 27-39
- Official Supreme Court Transcript — file page 73, lines 45-53 — Transcript, file page 73, lines 45-53
- Official Supreme Court Transcript — file page 74, lines 43-45 — Transcript, file page 74, lines 43-45
- Official Supreme Court Transcript — file page 74, lines 49-51 — Transcript, file page 74, lines 49-51
- Official Supreme Court Transcript — file page 76, lines 11-17 — Transcript, file page 76, lines 11-17
- Official Supreme Court Transcript — file page 76, lines 19-29 — Transcript, file page 76, lines 19-29
- Official Supreme Court Transcript — file page 78, lines 49-11 — Transcript, file page 78, lines 49-11
- Official Supreme Court Transcript — file page 8, lines 23-35 — Transcript, file page 8, lines 23-35
- Official Supreme Court Transcript — file page 8, lines 55-19 — Transcript, file page 8, lines 55-19
- Official Supreme Court Transcript — file page 9, lines 43-53 — Transcript, file page 9, lines 43-53
A citizen's guide to the whole case
What this case is about
Slack Technologies and Pirani dispute the scope of securities liability. Slack claims Section 11 applies only to registered shares. Pirani claims it applies to all shares in the offering. The Court must define the statutory term such security.
Official sources for this section
- Official Supreme Court Transcript — file page 4, lines 17-51 — Transcript, file page 4, lines 17-51
- Official Supreme Court Transcript — file page 46, lines 39-53 — Transcript, file page 46, lines 39-53
- Official Supreme Court Transcript — file page 66, lines 15-27 — Transcript, file page 66, lines 15-27
- Official Supreme Court Transcript — file page 78, lines 49-11 — Transcript, file page 78, lines 49-11
How the case got here
The Supreme Court heard oral argument in this case on April 17, 2023.
Official sources for this section
- Official Supreme Court Transcript — file page 60, lines 13-27 — Transcript, file page 60, lines 13-27
- Official Supreme Court Transcript — file page 69, lines 45-15 — Transcript, file page 69, lines 45-15
What each side wants
Slack wants the Court to limit Section 11 liability to registered shares only.
Pirani wants the Court to extend Section 11 liability to all shares in the offering.
Official sources for this section
- Official Supreme Court Transcript — file page 4, lines 17-51 — Transcript, file page 4, lines 17-51
- Official Supreme Court Transcript — file page 46, lines 39-53 — Transcript, file page 46, lines 39-53
- Official Supreme Court Transcript — file page 66, lines 15-27 — Transcript, file page 66, lines 15-27
- Official Supreme Court Transcript — file page 78, lines 49-11 — Transcript, file page 78, lines 49-11
What each side says
Slack argues the statute links liability exclusively to registered shares.
Pirani argues the statute covers all shares sold in the direct listing.
Official sources for this section
- Official Supreme Court Transcript — file page 4, lines 17-51 — Transcript, file page 4, lines 17-51
- Official Supreme Court Transcript — file page 46, lines 39-53 — Transcript, file page 46, lines 39-53
- Official Supreme Court Transcript — file page 66, lines 15-27 — Transcript, file page 66, lines 15-27
- Official Supreme Court Transcript — file page 78, lines 49-11 — Transcript, file page 78, lines 49-11
What the justices asked
Justice Thomas asked if direct listings existed before this case.
Justice Thomas asked about the origin of the tracing requirement.
Official sources for this section
- Official Supreme Court Transcript — file page 10, lines 15-19 — Transcript, file page 10, lines 15-19
- Official Supreme Court Transcript — file page 10, lines 31-39 — Transcript, file page 10, lines 31-39
- Official Supreme Court Transcript — file page 10, lines 7-11 — Transcript, file page 10, lines 7-11
- Official Supreme Court Transcript — file page 11, lines 23-27 — Transcript, file page 11, lines 23-27
- Official Supreme Court Transcript — file page 11, lines 9-17 — Transcript, file page 11, lines 9-17
- Official Supreme Court Transcript — file page 5, lines 53-9 — Transcript, file page 5, lines 53-9
- Official Supreme Court Transcript — file page 6, lines 35-41 — Transcript, file page 6, lines 35-41
- Official Supreme Court Transcript — file page 6, lines 51-7 — Transcript, file page 6, lines 51-7
- Official Supreme Court Transcript — file page 66, lines 29-33 — Transcript, file page 66, lines 29-33
- Official Supreme Court Transcript — file page 67, lines 15-45 — Transcript, file page 67, lines 15-45
- Official Supreme Court Transcript — file page 69, lines 45-15 — Transcript, file page 69, lines 45-15
- Official Supreme Court Transcript — file page 7, lines 39-43 — Transcript, file page 7, lines 39-43
- Official Supreme Court Transcript — file page 71, lines 43-1 — Transcript, file page 71, lines 43-1
- Official Supreme Court Transcript — file page 72, lines 31-37 — Transcript, file page 72, lines 31-37
- Official Supreme Court Transcript — file page 72, lines 41-43 — Transcript, file page 72, lines 41-43
- Official Supreme Court Transcript — file page 73, lines 27-39 — Transcript, file page 73, lines 27-39
- Official Supreme Court Transcript — file page 73, lines 45-53 — Transcript, file page 73, lines 45-53
- Official Supreme Court Transcript — file page 74, lines 43-45 — Transcript, file page 74, lines 43-45
- Official Supreme Court Transcript — file page 74, lines 49-51 — Transcript, file page 74, lines 49-51
- Official Supreme Court Transcript — file page 76, lines 11-17 — Transcript, file page 76, lines 11-17
- Official Supreme Court Transcript — file page 76, lines 19-29 — Transcript, file page 76, lines 19-29
- Official Supreme Court Transcript — file page 8, lines 23-35 — Transcript, file page 8, lines 23-35
- Official Supreme Court Transcript — file page 8, lines 55-19 — Transcript, file page 8, lines 55-19
- Official Supreme Court Transcript — file page 9, lines 43-53 — Transcript, file page 9, lines 43-53
Why it matters
This case defines the scope of securities fraud liability. Investors rely on this definition to assess risk. Companies rely on it to structure offerings. The outcome shapes future direct listing practices.
Official sources for this section
- Official Supreme Court Transcript — file page 4, lines 17-51 — Transcript, file page 4, lines 17-51
- Official Supreme Court Transcript — file page 46, lines 39-53 — Transcript, file page 46, lines 39-53
- Official Supreme Court Transcript — file page 66, lines 15-27 — Transcript, file page 66, lines 15-27
- Official Supreme Court Transcript — file page 78, lines 49-11 — Transcript, file page 78, lines 49-11
What happens next
This article currently covers the argument record. Use the official docket link for later case activity.
Official sources for this section
- Official Supreme Court Transcript — file page 10, lines 15-19 — Transcript, file page 10, lines 15-19
- Official Supreme Court Transcript — file page 10, lines 31-39 — Transcript, file page 10, lines 31-39
- Official Supreme Court Transcript — file page 10, lines 7-11 — Transcript, file page 10, lines 7-11
- Official Supreme Court Transcript — file page 11, lines 23-27 — Transcript, file page 11, lines 23-27
- Official Supreme Court Transcript — file page 11, lines 9-17 — Transcript, file page 11, lines 9-17
- Official Supreme Court Transcript — file page 5, lines 53-9 — Transcript, file page 5, lines 53-9
- Official Supreme Court Transcript — file page 6, lines 35-41 — Transcript, file page 6, lines 35-41
- Official Supreme Court Transcript — file page 6, lines 51-7 — Transcript, file page 6, lines 51-7
- Official Supreme Court Transcript — file page 60, lines 13-27 — Transcript, file page 60, lines 13-27
- Official Supreme Court Transcript — file page 66, lines 29-33 — Transcript, file page 66, lines 29-33
- Official Supreme Court Transcript — file page 67, lines 15-45 — Transcript, file page 67, lines 15-45
- Official Supreme Court Transcript — file page 69, lines 45-15 — Transcript, file page 69, lines 45-15
- Official Supreme Court Transcript — file page 7, lines 39-43 — Transcript, file page 7, lines 39-43
- Official Supreme Court Transcript — file page 71, lines 43-1 — Transcript, file page 71, lines 43-1
- Official Supreme Court Transcript — file page 72, lines 31-37 — Transcript, file page 72, lines 31-37
- Official Supreme Court Transcript — file page 72, lines 41-43 — Transcript, file page 72, lines 41-43
- Official Supreme Court Transcript — file page 73, lines 27-39 — Transcript, file page 73, lines 27-39
- Official Supreme Court Transcript — file page 73, lines 45-53 — Transcript, file page 73, lines 45-53
- Official Supreme Court Transcript — file page 74, lines 43-45 — Transcript, file page 74, lines 43-45
- Official Supreme Court Transcript — file page 74, lines 49-51 — Transcript, file page 74, lines 49-51
- Official Supreme Court Transcript — file page 76, lines 11-17 — Transcript, file page 76, lines 11-17
- Official Supreme Court Transcript — file page 76, lines 19-29 — Transcript, file page 76, lines 19-29
- Official Supreme Court Transcript — file page 8, lines 23-35 — Transcript, file page 8, lines 23-35
- Official Supreme Court Transcript — file page 8, lines 55-19 — Transcript, file page 8, lines 55-19
- Official Supreme Court Transcript — file page 9, lines 43-53 — Transcript, file page 9, lines 43-53
Official Court provenance
Official docket and case history · Official Supreme Court oral-argument detail page
Verified official opinions and orders
Title and summary sources
- Official Supreme Court Transcript — file page 4, lines 17-51 — Transcript, file page 4, lines 17-51
- Official Supreme Court Transcript — file page 46, lines 39-53 — Transcript, file page 46, lines 39-53
- Official Supreme Court Transcript — file page 66, lines 15-27 — Transcript, file page 66, lines 15-27
- Official Supreme Court Transcript — file page 78, lines 49-11 — Transcript, file page 78, lines 49-11
- Official Supreme Court Transcript — file page 4, lines 17-51 — Transcript, file page 4, lines 17-51
- Official Supreme Court Transcript — file page 46, lines 39-53 — Transcript, file page 46, lines 39-53
- Official Supreme Court Transcript — file page 66, lines 15-27 — Transcript, file page 66, lines 15-27
- Official Supreme Court Transcript — file page 78, lines 49-11 — Transcript, file page 78, lines 49-11
Revision history
- Revision 1 · Post Opinion ·
Correction: Rewritten to the concise citizen-facing editorial standard.
- Revision 2 · Post Opinion ·
Correction: Migrated to the dated official Court activity contract without model use.