> And so what happened in Slack is that, on the first day, roughly 118 million shares were available for sale under Slack’s registration statement, and roughly 165 million shares were available for sale without registration. And if you bought stock, there was no way to know which kind of stock you bought: You didn’t buy directly from the company in an IPO process; you just bought on the stock exchange from an anonymous counterparty. If you bought “registered shares,” then technically you are allowed to sue Slack under section 11, just like in an IPO; if you bought “unregistered shares,” then you are not, just like in a mature public company. But there is no way of knowing which one you bought, so in practice you can’t sue under section 11.
I don't see how this is materially different from Axios' analysis?