On March 20, 2026, WLF asked the Supreme Court to grant review and clear up deepening confusion on the scope of disclosure requirements under federal securities law. WLF contends that the Third Circuit erred by permitting repackaged public information to establish price impact as a “new signal” to the market under the Basic presumption, undermining the doctrine’s efficient-market foundation. WLF urges the Supreme Court to grant certiorari to clarify the Basic presumption and restore proper guardrails against abusive litigation. WLF’s brief was prepared with pro bono assistance from Lyle Roberts and Billy Marsh of A&O Shearman.