On June 9, 2025, WLF asked the Supreme Court to review, and ultimately to overturn, a Second Circuit decision that gutted the critical pleading requirements of the Private Securities Litigation Reform Act (PSLRA). In its amicus brief urging review, WLF explained that the Second Circuit’s per se rule substantially dilutes the heightened pleading standard Congress enacted in the PSLRA. Congress enacted the PSLRA to stem the tide of baseless securities litigation. Also, by creating uncertainty about the standard for materiality, the decision below incentivizes overly exhaustive disclosures that will not serve American businesses or the public. WLF’s amicus brief was drafted with pro bono assistance from Robert Loeb, Edward Williams, and Gavin B. McGimpsey of Orrick Herrington & Sutcliffe LLP.
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