On August 16, 2024, WLF asked the Supreme Court to reverse a Ninth Circuit decision that held a company liable for failing to include irrelevant and stale information in its forward-looking risk disclosures. WLF’s amicus brief was prepared with the pro bono assistance of Lyle Roberts, George Anhang, and William Marsh of A&O Shearman. As WLF explains in its amicus brief urging reversal, affirming the Ninth Circuit’s rule would force companies to overdisclose risks about immaterial past incidents, confusing investors who must navigate a company’s SEC filings to find information relevant to their investment decisions. Under this lax pleading standard, companies will be vulnerable to frivolous securities litigation based on accurate forward-looking statements—an outcome Congress sought to avoid when passing the Private Securities Litigation Reform Act.
Documents: