On March 9, 2023, the Utah Court of Appeals affirmed an April 2021 ruling by the Fourth Judicial District Court of the State of Utah, which dismissed a securities class action filed against Domo, its CEO, its CFO, certain members of its board of directors, and underwriters involved in its IPO.  Wilson Sonsini Goodrich & Rosati represented the Domo defendants. ​

The Utah complaint alleged that the Domo defendants misled investors by making false and misleading statements in Domo's registration statement and prospectus in connection with its IPO in violation of Sections 11, 12(a)(2), and 15 of the Securities Act.  Domo's bylaws required any Securities Act claims by shareholders to be pursued in federal court, rather than state court.

The district court dismissed the complaint for improper venue, ruling that Domo's federal forum provision bylaw, as upheld by the Delaware Supreme Court, required the plaintiff to pursue Securities Act claims in federal court. The court of appeals agreed and ruled in favor of Domo and the other defendants on all six arguments brought by the plaintiff.

The victory follows the firm’s recent appellate wins on this issue in Sciabacucchi in Delaware and Dropbox in California.  The firm has now won cases on this issue in the Delaware Supreme Court, the California Court of Appeal, and the Utah Court of Appeals.

The Wilson Sonsini team that represented the Domo defendants included partners Ignacio Salceda, Greg Watts (who argued the case), and Steffen Johnson; Of Counsel Stephanie Jensen; and associates Shanna Lehrman and Tyre Tindall, as well as paralegals Diana Lopez and Naomi Pierce and legal secretaries Rosanna Carter and Yu-Shan Sheard.

For more information, please refer to the court's decision​.