Three years ago, the Supreme Court’s unanimous decision in Slack Technologies, LLC v. Pirani confirmed that under section 11 of the Securities Act of 1933, plaintiffs must plead and ultimately prove that the shares they purchased are traceable to the allegedly defective registration statement. 598 U.S. 759(2023). Although most circuits were already there, the Court effectively put to rest a growing minority trend that allowed plaintiffs to substitute statistical probabilities for actual tracing—an approach that risked opening section 11’s strict‑liability regime to virtually any aftermarket purchaser. This article surveys the post-Slack landscape for section 11 defendants, examining how courts have applied the decision, where plaintiffs continue to find traction, and what unresolved issues are likely to shape the next wave of section 11 litigation.

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