Robinhood Markets, Inc. v. Sodha

On March 11, 2026, WLF asked the Supreme Court to review and reject the Ninth Circuit’s expansive reading of Section 11 of the Securities Act. WLF contends that the appeals court’s reading of the law collapses the duty to disclose into materiality alone, undermining Section 11’s limits on liability for omissions in IPO registration statements. WLF’s brief was prepared with pro bono support from Mark Fleming, Timothy Perla, Peter Spaeth, and Mark Hanin of Wilmer Cutler Pickering Hale & Dorr LLP.