Slack Technologies, LLC v. Pirani

Slack Technologies, LLC v. Pirani, 598 U.S. 759, was a United States Supreme Court case in which the Court held that to state a claim under Section 11(a) of the Securities Act of 1933, a plaintiff must plead and prove that he purchased "such security" that is "traceable to the allegedly defective registration statement".

Subsequent developments

The case was remanded to the Ninth Circuit, which held in 2025 that because the plaintiff previously conceded that he could not make the required showing that the securities that he purchased were traceable to the particular registration statement alleged to be false or misleading, all of his claims failed, and the court consequently reversed and remanded with instructions to dismiss the complaint in full and with prejudice.