On June 6, 2011, the U.S. Supreme Court issued a narrow decision in a case that addressed the circumstances under which plaintiffs in a securities fraud suit are entitled to a presumption of reliance under the fraud-on-the-market theory. The Court overturned an appeals court decision holding that a plaintiff must establish loss causation (i.e., that losses came about because stock prices declined after the market discovered the falsity of previous company statements) in order to invoke the fraud-on-the-market theory. But the Court declined to reach many of the broader issues that the plaintiffs and the U.S. urged the Court to decide. The narrowness of the decision was a victory for WLF, which filed a brief urging the Court to reject the broader arguments being raised by the U.S. – in particular, an argument that defendants should be required to wait until trial to introduce evidence intended to rebut claims that the market relied on the defendants’ allegedly false statements.