On October 7, 2025, the Third Circuit declined to rehear a divided panel decision upholding class certification in a securities fraud suit against Johnson & Johnson. The decision was a disappointment for WLF, whose amicus brief urged en banc review in the case. WLF’s brief contended that the panel’s ruling, which allows certification based on “new signals” from stale public information, undermines the Supreme Court’s Goldman Sachs decision and threatens to upend settled principles of federal securities law. WLF’s brief was prepared with generous pro bono support from Lyle Roberts and Billy Marsh of A&O Shearman.
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