( February 13, 2025, 1:59 PM EST) -- SAN FRANCISCO — On remand from the U.S. Supreme Court, a Ninth Circuit U.S. Court of Appeals panel found that the lead plaintiff in a putative class action failed to prove that he purchased shares traceable to a technology company’s direct listing of shares as required when he brought claims under Section 11 of the Securities Act of 1933 alleging that the company issued false and misleading statements in the registration statement regarding issues with its service platform....