Slack v. Pirani: Brief for Amici Curiae Law and Business Professors in Support of Respondent

32 Pages Posted: 27 Mar 2023

See all articles by Joshua Mitts

Joshua Mitts

Columbia Law School

John C. Coffee

Columbia Law School; European Corporate Governance Institute (ECGI); American Academy of Arts & Sciences

William W. Clayton

Brigham Young University - J. Reuben Clark Law School

James D. Cox

Duke University School of Law

Wendy Gerwick Couture

University of Idaho College of Law

Merritt B. Fox

Columbia University - Law School

Jeffrey N. Gordon

Columbia Law School; European Corporate Governance Institute (ECGI)

Thomas Lee Hazen

University of North Carolina School of Law

Michael J. Kaufman

Loyola University Chicago School of Law

Donald C. Langevoort

Georgetown University Law Center

James J. Park

University of California, Los Angeles (UCLA) - School of Law

Hillary A. Sale

Georgetown University Law Center; Georgetown University - McDonough School of Business

Joel Seligman

Washington University in St Louis, School of Law

Marc I. Steinberg

Southern Methodist University - Dedman School of Law

Daniel J. Taylor

The Wharton School, University of Pennsylvania

David H. Webber

Boston University School of Law

Charles K. Whitehead

Cornell Law School

Arthur E. Wilmarth

George Washington University Law School

Date Written: March 6, 2023

Abstract

Amici are law and business professors who focus their teaching and scholarship on federal securities law, the financial markets and accounting. They submit this brief to clarify the contours of the modern securities market for the Court’s benefit, and explain how modern computing power and well established and accepted accounting methodologies make it feasible to trace shares, using the detailed, time-stamped transactional records that broker- dealers, exchanges, and the Financial Industry Regulatory Authority (“FINRA”) are required to maintain and which are obtainable through subpoenas in discovery. Amici also submit to explain how Petitioners’ position would effectively bar investors from tracing their shares, not only in direct listings but in all contexts that Congress intended for Section 11 to apply, thereby resulting in a significant loss of investor protection.

Keywords: securities law, direct listings, Section 11, tracing, FINRA, investor protection

Suggested Citation

Mitts, Joshua and Coffee, John C. and Clayton, William W. and Cox, James D. and Couture, Wendy Gerwick and Fox, Merritt B. and Gordon, Jeffrey N. and Hazen, Thomas Lee and Kaufman, Michael J. and Langevoort, Donald C. and Park, James J. and Sale, Hillary A. and Seligman, Joel and Steinberg, Marc I. and Taylor, Daniel and Webber, David H. and Whitehead, Charles K. and Wilmarth, Arthur E., Slack v. Pirani: Brief for Amici Curiae Law and Business Professors in Support of Respondent (March 6, 2023). Columbia Public Law Research Paper No. 4391777, The Wharton School Research Paper, Available at SSRN: https://ssrn.com/abstract=4391777 or http://dx.doi.org/10.2139/ssrn.4391777

Joshua Mitts (Contact Author)

Columbia Law School ( email )

435 West 116th Street
New York, NY 10025
United States

John C. Coffee

Columbia Law School ( email )

435 West 116th Street
New York, NY 10025
United States
212-854-2833 (Phone)
212-854-7946 (Fax)

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

American Academy of Arts & Sciences

136 Irving Street
Cambridge, MA 02138
United States

William W. Clayton

Brigham Young University - J. Reuben Clark Law School ( email )

430 JRCB
Brigham Young University
Provo, UT 84602
United States

James D. Cox

Duke University School of Law ( email )

210 Science Drive
Box 90362
Durham, NC 27708
United States
919-613-7056 (Phone)
919-613-7231 (Fax)

Wendy Gerwick Couture

University of Idaho College of Law ( email )

501 W. Front St.
Boise, ID 83702-7232
United States
208-364-4547 (Phone)

HOME PAGE: http://www.uidaho.edu/law/people/faculty/wgcouture

Merritt B. Fox

Columbia University - Law School ( email )

435 West 116th Street
New York, NY 10025
United States

Jeffrey N. Gordon

Columbia Law School ( email )

435 West 116th Street
Ctr. for Law and Economic Studies
New York, NY 10027
United States
212-854-2316 (Phone)
212-854-7946 (Fax)

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

HOME PAGE: http://www.ecgi.org

Thomas Lee Hazen

University of North Carolina School of Law ( email )

Van Hecke-Wettach Hall, 160 Ridge Road
CB #3380
Chapel Hill, NC 27599-3380
United States
919--962-8504 (Phone)

Michael J. Kaufman

Loyola University Chicago School of Law ( email )

25 E. Pearson
Chicago, IL 60611
United States
312-915-7143 (Phone)

Donald C. Langevoort

Georgetown University Law Center ( email )

600 New Jersey Avenue, NW
Washington, DC 20001
United States
202-662-9832 (Phone)
202-662-9412 (Fax)

James J. Park

University of California, Los Angeles (UCLA) - School of Law ( email )

385 Charles E. Young Dr. East
Room 1242
Los Angeles, CA 90095-1476
United States

Hillary A. Sale

Georgetown University Law Center ( email )

Georgetown University - McDonough School of Business ( email )

3700 O Street, NW
Washington, DC 20057
United States

Joel Seligman

Washington University in St Louis, School of Law ( email )

Campus Box 1120
St. Louis, MO 63130
United States
314-935-1683 (Phone)

HOME PAGE: http://https://law.wustl.edu/faculty-staff-directory/profile/joel-seligman/

Marc I. Steinberg

Southern Methodist University - Dedman School of Law ( email )

P.O. Box 750116
Dallas, TX 75275
United States

Daniel Taylor

The Wharton School, University of Pennsylvania ( email )

3641 Locust Walk
Philadelphia, PA 19104-6365
United States

David H. Webber

Boston University School of Law ( email )

765 Commonwealth Avenue
Boston, MA 02215
United States
617-358-6194 (Phone)

Charles K. Whitehead

Cornell Law School ( email )

Myron Taylor Hall
Ithaca, NY 14853
United States

Arthur E. Wilmarth

George Washington University Law School ( email )

2000 H Street, N.W.
Washington, DC 20052
United States

HOME PAGE: http://https://www.law.gwu.edu/arthur-e-wilmarth-jr

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