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SEC probing listings of Slack and other tech unicorns on the NYSE: WSJ - Business Insider

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The SEC is reportedly investigating how Slack and other tech unicorns were opened for trading on their first day as public companies

The probe is focusing in particular on how trading was handled on the first day those companies went public, the report says, though the Journal says that it could not learn what kind of misconduct in particular the SEC may suspect.

The only company specifically named as one of the unicorns the SEC is looking at in its probe is Slack —As part of the probe, SEC staff has sent a letter to Citadel Securities asking for information on how it opened Slack's stock for trading on June 20, when its direct listing hit the markets, the report says.

A spokesman for the NYSE tells Business Insider that the "NYSE places a premium on transparency, fair access and robust price discovery in helping companies access the public markets." The SEC declined to comment and spokespeople for Slack and Citadel Securities were not immediately available for comment.

 

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Maybe the SEC dislikes direct listings vs IPOs. Wonder why?

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