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Email On September 20, 2021, in Pirani v. Slack Technologies, Inc., a divided panel of the U.S. Court of Appeals for the Ninth Circuit held that investors who purchase stock in a “direct listing”—in which pre-existing shares are sold to the public without underwriters—may bring claims based on alleged misrepresentations in a registration statement, even if they cannot demonstrate that they acquired registered shares. https://www.cadwalader.com/resources/clients-friends-memos/securities-litigation-update-divided-ninth-circuit-permits-direct-listing-investors-to-assert-securities-act-claims-despite-inability-to-differentiate-between-registered-and-unregistered-shares