The U.S. Supreme Court on Thursday gave Salesforce Inc's Slack Technologies another chance to avoid a lawsuit over the workplace communications software company's 2019 direct listing.
In a 9-0 ruling, the justices threw out a lower court's decision that had let the proposed class action lawsuit filed by shareholder Fiyyaz Pirani proceed under what the Supreme Court concluded was an incorrect reading of a federal investor protection law. A direct listing is an alternative to a traditional initial public offering.
Pirani's lawsuit alleged violations of Sections 11 and 12 of a federal law called the Securities Act of 1933.
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