On November 15, 2023, the Ninth Circuit declined to rehear en banc a divided panel opinion about the pleading requirements of the Private Securities Litigation Reform Act (PSLRA). The rehearing denial was a disappointment for WLF, which filed an amicus brief supporting rehearing. WLF’s brief explained why the panel majority’s reliance on plaintiffs’ hired-gun expert report to establish falsity and scienter runs afoul of existing Ninth Circuit case law and decisions from other circuits. The panel majority’s ruling creates an easy roadmap for future plaintiffs to engage in the kind of fishing expeditions the PSLRA was supposed to end. WLF’s amicus brief was drafted with pro bono assistance from James N. Kramer, Daniel A. Rubens, and Jodie C. Liu of Orrick Herrington & Sutcliffe LLP. The National Association of Manufacturers joined WLF on the brief.


WLF amicus brief