As if investors didn’t already have enough to contend with when it comes to the sky-high prices of tech IPOs! Now they’re increasingly dealing with a less obvious, but nonetheless real risk: the growing popularity of dual-class shares. It’s a risk that affects new market debutantes Lyft, Roku, Dropbox and Spotify as well as Slack.

This structure hurts shareholders, but especially smaller individual investors, because it effectively removes the ability of outsiders to create meaningful dissent — entrenching management teams that may be running their business poorly. And that means shareholders aren’t receiving as high a price as they could on their stock.

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