On April 20, 2026, with Justices Alito and Kavanaugh recused, the Supreme Court declined to grant review and clear up deepening confusion on the scope of disclosure requirements under federal securities law. The denial was a setback for WLF, whose amicus brief contended 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’s brief was prepared with pro bono assistance from Lyle Roberts and Billy Marsh of A&O Shearman.