On March 21, 2005, the U.S. Supreme Court declined to review a lower court decision that eviscerates a 1996 federal law intended to limit the liability of corporations that make projections (“forward-looking statements”) regarding future sales and earnings. The decision was a setback for WLF, which in February 2005 filed a brief urging the Supreme Court to grant review. The 1996 law creates a “safe harbor” for forward-looking statements; provided such statements are accompanied by “meaningful” cautions, the safe harbor mandates that the statements cannot be used to hold a publicly held corporation liable to its shareholders for subsequent drops in stock prices, regardless how inaccurate the statements turn out to be. The appeals court interpreted the safe harbor so narrowly that it provides virtually no protection to corporations. WLF argued that Congress intended to provide broad protection for forward-looking statements in order to encourage companies to provide such information.