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

On April 13, 2026, WLF asked the Ninth Circuit to grant rehearing en banc in an important securities case. WLF contends that the panel erred by imposing Rule 10b-5 liability on SEC-mandated risk disclosures for failure to disclose that identified risks 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.