On April 5, 2024, WLF urged the Supreme Court to review, and ultimately reverse, a sharply divided Ninth Circuit decision that gutted the critical pleading requirements of the Private Securities Litigation Reform Act (PSLRA). In its amicus brief urging review, WLF explained why the Ninth Circuit’s reliance on plaintiffs’ hired-gun expert report to establish falsity and scienter conflicts with decisions from other circuits. If left in place, the 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 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.
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