Construction Laborers Pension Trust of Greater St. Louis v. Funko, Inc.

On September 2, 2026, the Ninth Circuit denied rehearing en banc in an important securities case. The decision was a setback for WLF, which argued in an amicus brief that the panel erred by imposing Rule 10b-5 liability on Funko for failure to identify risks that had already materialized. By misapplying the PSLRA safe harbor, the decision creates a circuit split and threatens harm to companies and investors. WLF’s brief was prepared with pro bono assistance from Lyle Roberts and Billy Marsh of A&O Shearman.