In the Press
November 8, 2023

What Comes Next for Sections 11 and 12(a)(2) After 'Slack'? (

On June 26, 2023, we discussed the Supreme Court’s decision in Slack Technologies, LLC v. Pirani, 143 S. Ct. 1433 (2023), which held that traceability is necessary for statutory standing, an indispensable element of a claim under Section 11 of the Securities Act of 1933. In this article, partners William Jay, Charles Brown and Daniel Roeser, associates Justin Ward and William Evans, discuss two issues that Slack did not address: (1) the pleading standard for traceability under Section 11 and (2) what, if any, traceability requirement applies under Section 12(a)(2).