United States:
High Court Ruling On Direct Listing Appeal Could Be Pivotal
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Member Douglas P. Baumstein spoke to Law360
about the Supreme Court's agreement to hear messaging company,
Slack's appeal of an investor suit. Douglas commented on
investor liability rules and shared, "The distinction is
important, given that an IPO raises money for a company but
secondary transactions do not. By eliminating the tracing
requirement and expanding strict liability for direct offerings,
the Ninth Circuit has implemented a scheme where the economic risks
associated with a strict liability is shifted to the company, even
where it receives no direct benefit."
Originally published by Law360.
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