PIRANI v. SLACK TECHNOLOGIES, INC.

No. 20-16419.

13 F.4th 940 (2021)

Fiyyaz PIRANI, Plaintiff-Appellee, v. SLACK TECHNOLOGIES, INC.; Stewart Butterfield; Allen Shim; Brandon Zell; Andrew Braccia; Edith Cooper; Sarah Friar; John O'Farrell; Chamath Palihapitiya; Graham Smith; Social+Capital Partnership GP II L.P.; Social+Capital Partnership GP II Ltd.; Social+Capital Partnership Gp III L.P.; Social+Capital Partnership GP III Ltd.; Social+Capital Partnership Opportunities Fund GP L.P.; Social+Capital Partnership Opportunities Fund GP Ltd.; Accel Growth Fund IV Associates L.L.C.; Accel Growth Fund Investors 2016 L.L.C.; Accel Leaders Fund Associates L.L.C.; Accel Leaders Fund Investors 2016 L.L.C.; Accel X Associates L.L.C.; Accel Investors 2009 L.L.C.; Accel XI Associates L.L.C.; Accel Investors 2013 L.L.C.; Accel Growth Fund III Associates L.L.C.; AH Equity Partners I L.L.C.; A16Z Seed-III LLC, Defendants-Appellants.

United States Court of Appeals, Ninth Circuit.

Filed September 20, 2021.


Attorney(s) appearing for the Case

Michael D. Celio (argued), Gibson Dunn & Crutcher LLP, Palo Alto, California; Theodore J. Boutrous Jr. and Daniel R. Adler , Gibson Dunn & Crutcher LLP, Los Angeles, California; Matthew S. Kahn , Michael J. Kahn , and Avery E. Masters , Gibson Dunn & Crutcher LLP, San Francisco, California; Jason H. Hilborn , Gibson Dunn & Crutcher LLP, Washington, D.C.; for Defendants-Appellants.

Lawrence P. Eagel (argued), W. Scott Holleman , and David J. Stone , Bragar Eagel & Squire P.C., New York, New York; Melissa A. Fortunato and Marion C. Passmore , Bragar Eagel & Squire P.C., San Francisco, California; for Plaintiff-Appellee.

Jennifer J. Schulp , Ilya Shapiro , and Sam Spiegelman , Cato Institute, Washington, D.C., for Amicus Curiae The Cato Institute.

Gavin M. Masuda and Morgan E. Whitworth , Latham & Watkins LLP, San Francisco, California; Andrew B. Clubok , Latham & Watkins LLP, Washington, D.C.; Gregory Mortenson , Latham & Watkins LLP, New York, New York; Ira D. Hammerman and Kevin M. Carroll , Securities Industry and Financial Markets Association, Washington, D.C.; Jeffrey E. Farrah , National Venture Capital Association, Washington, D.C.; Daryl Joseffer and Tara S. Morrissey , U.S. Chamber Litigation Center, Washington, D.C.; for Amici Curiae Securities Industry and Financial Markets Association, Chamber of Commerce of the United States of America, and National Venture Capital Association.

Dissent by Judge Miller.


OPINION

This case involves an interlocutory appeal from a dispute between Plaintiff-Appellee Fiyyaz Pirani (Pirani) and Defendants-Appellants Slack Technologies, Inc. (Slack) regarding whether Pirani had standing to sue under Section 11 and Section 12(a)(2) of the Securities Act of 1933, 15 U.S.C. §§ 77k(a), 77l...

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