On June 17, 2024, the Supreme Court agreed to review a sharply divided Ninth Circuit decision that gutted the critical pleading requirements of the Private Securities Litigation Reform Act (PSLRA). The decision was a victory for WLF, which filed an amicus brief with the court urging review. The brief explained why the Ninth Circuit’s reliance on plaintiffs’ hired-gun expert report to establish falsity and scienter breaks with decisions from other circuits. If left in place, the appeals court’s decision would create an easy roadmap for future plaintiffs to engage in the kind of fishing expeditions the PSLRA was supposed to end. WLF’s 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.
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