October Term 2024 · Docket 23-980
Does a risk disclosure mislead investors by omitting a past event?
Facebook argues that risk factors need not mention past events. Amalgamated Bank claims such omissions deceive investors.
Verified source milestones
- — An official oral-argument transcript was verified.
- — An official oral-argument transcript was verified.
- — An official Court opinion was verified.
The arguments, in order
This case may have been argued more than once. Each entry below uses that session's official transcript. Later arguments do not erase earlier ones.
Argument 1 ·
What happened at the argument
Facebook's counsel argued that the Ninth Circuit created a sweeping liability regime.
Amalgamated Bank's counsel argued that risk disclosures must not misrepresent the past.
Justice Jackson asked why companies warn about specific risks.
Justice Kagan presented a hypothetical scenario regarding misleading statements.
Read the official transcript for this argument · Official argument details
Sources used for this argument breakdown
- Official Supreme Court Transcript — file page 10, lines 33-35 — Transcript, file page 10, lines 33-35
- Official Supreme Court Transcript — file page 10, lines 39-45 — Transcript, file page 10, lines 39-45
- Official Supreme Court Transcript — file page 102, lines 27-27 — Transcript, file page 102, lines 27-27
- Official Supreme Court Transcript — file page 11, lines 13-47 — Transcript, file page 11, lines 13-47
- Official Supreme Court Transcript — file page 110, lines 27-7 — Transcript, file page 110, lines 27-7
- Official Supreme Court Transcript — file page 12, lines 33-19 — Transcript, file page 12, lines 33-19
- Official Supreme Court Transcript — file page 14, lines 35-1 — Transcript, file page 14, lines 35-1
- Official Supreme Court Transcript — file page 16, lines 29-41 — Transcript, file page 16, lines 29-41
- Official Supreme Court Transcript — file page 17, lines 9-19 — Transcript, file page 17, lines 9-19
- Official Supreme Court Transcript — file page 4, lines 11-21 — Transcript, file page 4, lines 11-21
- Official Supreme Court Transcript — file page 4, lines 23-33 — Transcript, file page 4, lines 23-33
- Official Supreme Court Transcript — file page 52, lines 33-41 — Transcript, file page 52, lines 33-41
- Official Supreme Court Transcript — file page 6, lines 35-39 — Transcript, file page 6, lines 35-39
- Official Supreme Court Transcript — file page 6, lines 47-53 — Transcript, file page 6, lines 47-53
- Official Supreme Court Transcript — file page 65, lines 11-17 — Transcript, file page 65, lines 11-17
- Official Supreme Court Transcript — file page 66, lines 19-29 — Transcript, file page 66, lines 19-29
- Official Supreme Court Transcript — file page 66, lines 31-39 — Transcript, file page 66, lines 31-39
- Official Supreme Court Transcript — file page 66, lines 47-51 — Transcript, file page 66, lines 47-51
- Official Supreme Court Transcript — file page 67, lines 37-19 — Transcript, file page 67, lines 37-19
- Official Supreme Court Transcript — file page 68, lines 25-35 — Transcript, file page 68, lines 25-35
- Official Supreme Court Transcript — file page 69, lines 25-15 — Transcript, file page 69, lines 25-15
- Official Supreme Court Transcript — file page 7, lines 21-39 — Transcript, file page 7, lines 21-39
- Official Supreme Court Transcript — file page 70, lines 53-7 — Transcript, file page 70, lines 53-7
- Official Supreme Court Transcript — file page 71, lines 13-15 — Transcript, file page 71, lines 13-15
- Official Supreme Court Transcript — file page 71, lines 33-47 — Transcript, file page 71, lines 33-47
- Official Supreme Court Transcript — file page 72, lines 23-47 — Transcript, file page 72, lines 23-47
- Official Supreme Court Transcript — file page 73, lines 21-45 — Transcript, file page 73, lines 21-45
- Official Supreme Court Transcript — file page 74, lines 17-33 — Transcript, file page 74, lines 17-33
- Official Supreme Court Transcript — file page 74, lines 41-43 — Transcript, file page 74, lines 41-43
- Official Supreme Court Transcript — file page 8, lines 45-47 — Transcript, file page 8, lines 45-47
- Official Supreme Court Transcript — file page 83, lines 35-39 — Transcript, file page 83, lines 35-39
- Official Supreme Court Transcript — file page 9, lines 53-21 — Transcript, file page 9, lines 53-21
A citizen's guide to the whole case
What this case is about
The dispute centers on whether a company must disclose past events in its risk factors. Facebook argues that risk factors describe future possibilities. Amalgamated Bank argues that omitting past events misleads investors about current risks.
Official sources for this section
- Official Supreme Court Transcript — file page 102, lines 27-27 — Transcript, file page 102, lines 27-27
- Official Supreme Court Transcript — file page 110, lines 27-7 — Transcript, file page 110, lines 27-7
- Official Supreme Court Transcript — file page 4, lines 23-33 — Transcript, file page 4, lines 23-33
- Official Supreme Court Transcript — file page 52, lines 33-41 — Transcript, file page 52, lines 33-41
- Official Supreme Court Transcript — file page 66, lines 19-29 — Transcript, file page 66, lines 19-29
- Official Supreme Court Transcript — file page 83, lines 35-39 — Transcript, file page 83, lines 35-39
How the case got here
The Supreme Court heard oral argument in this case on November 6, 2024.
Official sources for this section
- Official Supreme Court Transcript — file page 4, lines 11-21 — Transcript, file page 4, lines 11-21
- Official Supreme Court Transcript — file page 68, lines 25-35 — Transcript, file page 68, lines 25-35
What each side wants
Facebook wants the Court to limit liability for omitted past events.
Amalgamated Bank wants the Court to require disclosure of past events.
Official sources for this section
- Official Supreme Court Transcript — file page 102, lines 27-27 — Transcript, file page 102, lines 27-27
- Official Supreme Court Transcript — file page 110, lines 27-7 — Transcript, file page 110, lines 27-7
- Official Supreme Court Transcript — file page 4, lines 23-33 — Transcript, file page 4, lines 23-33
- Official Supreme Court Transcript — file page 52, lines 33-41 — Transcript, file page 52, lines 33-41
- Official Supreme Court Transcript — file page 66, lines 19-29 — Transcript, file page 66, lines 19-29
- Official Supreme Court Transcript — file page 83, lines 35-39 — Transcript, file page 83, lines 35-39
What each side says
Facebook argues that risk factors only address future probabilities.
Amalgamated Bank argues that risk factors must reflect current realities.
Official sources for this section
- Official Supreme Court Transcript — file page 102, lines 27-27 — Transcript, file page 102, lines 27-27
- Official Supreme Court Transcript — file page 110, lines 27-7 — Transcript, file page 110, lines 27-7
- Official Supreme Court Transcript — file page 4, lines 23-33 — Transcript, file page 4, lines 23-33
- Official Supreme Court Transcript — file page 52, lines 33-41 — Transcript, file page 52, lines 33-41
- Official Supreme Court Transcript — file page 66, lines 19-29 — Transcript, file page 66, lines 19-29
- Official Supreme Court Transcript — file page 83, lines 35-39 — Transcript, file page 83, lines 35-39
What the justices asked
Justice Thomas asked if the district court focused on falsity.
Justice Kagan asked if a statement can be misleading without an embedded claim.
Official sources for this section
- Official Supreme Court Transcript — file page 10, lines 33-35 — Transcript, file page 10, lines 33-35
- Official Supreme Court Transcript — file page 10, lines 39-45 — Transcript, file page 10, lines 39-45
- Official Supreme Court Transcript — file page 11, lines 13-47 — Transcript, file page 11, lines 13-47
- Official Supreme Court Transcript — file page 12, lines 33-19 — Transcript, file page 12, lines 33-19
- Official Supreme Court Transcript — file page 14, lines 35-1 — Transcript, file page 14, lines 35-1
- Official Supreme Court Transcript — file page 16, lines 29-41 — Transcript, file page 16, lines 29-41
- Official Supreme Court Transcript — file page 17, lines 9-19 — Transcript, file page 17, lines 9-19
- Official Supreme Court Transcript — file page 6, lines 35-39 — Transcript, file page 6, lines 35-39
- Official Supreme Court Transcript — file page 6, lines 47-53 — Transcript, file page 6, lines 47-53
- Official Supreme Court Transcript — file page 65, lines 11-17 — Transcript, file page 65, lines 11-17
- Official Supreme Court Transcript — file page 66, lines 31-39 — Transcript, file page 66, lines 31-39
- Official Supreme Court Transcript — file page 66, lines 47-51 — Transcript, file page 66, lines 47-51
- Official Supreme Court Transcript — file page 67, lines 37-19 — Transcript, file page 67, lines 37-19
- Official Supreme Court Transcript — file page 69, lines 25-15 — Transcript, file page 69, lines 25-15
- Official Supreme Court Transcript — file page 7, lines 21-39 — Transcript, file page 7, lines 21-39
- Official Supreme Court Transcript — file page 70, lines 53-7 — Transcript, file page 70, lines 53-7
- Official Supreme Court Transcript — file page 71, lines 13-15 — Transcript, file page 71, lines 13-15
- Official Supreme Court Transcript — file page 71, lines 33-47 — Transcript, file page 71, lines 33-47
- Official Supreme Court Transcript — file page 72, lines 23-47 — Transcript, file page 72, lines 23-47
- Official Supreme Court Transcript — file page 73, lines 21-45 — Transcript, file page 73, lines 21-45
- Official Supreme Court Transcript — file page 74, lines 17-33 — Transcript, file page 74, lines 17-33
- Official Supreme Court Transcript — file page 74, lines 41-43 — Transcript, file page 74, lines 41-43
- Official Supreme Court Transcript — file page 8, lines 45-47 — Transcript, file page 8, lines 45-47
- Official Supreme Court Transcript — file page 9, lines 53-21 — Transcript, file page 9, lines 53-21
Why it matters
This case defines the scope of corporate disclosure duties. It determines whether companies must reveal past events in risk factors. Investors rely on these disclosures to assess current risks. The outcome shapes future securities litigation standards.
Official sources for this section
- Official Supreme Court Transcript — file page 102, lines 27-27 — Transcript, file page 102, lines 27-27
- Official Supreme Court Transcript — file page 110, lines 27-7 — Transcript, file page 110, lines 27-7
- Official Supreme Court Transcript — file page 4, lines 23-33 — Transcript, file page 4, lines 23-33
- Official Supreme Court Transcript — file page 52, lines 33-41 — Transcript, file page 52, lines 33-41
- Official Supreme Court Transcript — file page 66, lines 19-29 — Transcript, file page 66, lines 19-29
- Official Supreme Court Transcript — file page 83, lines 35-39 — Transcript, file page 83, lines 35-39
What happens next
This article currently covers the argument record. Use the official docket link for later case activity.
Official sources for this section
- Official Supreme Court Transcript — file page 10, lines 33-35 — Transcript, file page 10, lines 33-35
- Official Supreme Court Transcript — file page 10, lines 39-45 — Transcript, file page 10, lines 39-45
- Official Supreme Court Transcript — file page 11, lines 13-47 — Transcript, file page 11, lines 13-47
- Official Supreme Court Transcript — file page 12, lines 33-19 — Transcript, file page 12, lines 33-19
- Official Supreme Court Transcript — file page 14, lines 35-1 — Transcript, file page 14, lines 35-1
- Official Supreme Court Transcript — file page 16, lines 29-41 — Transcript, file page 16, lines 29-41
- Official Supreme Court Transcript — file page 17, lines 9-19 — Transcript, file page 17, lines 9-19
- Official Supreme Court Transcript — file page 4, lines 11-21 — Transcript, file page 4, lines 11-21
- Official Supreme Court Transcript — file page 6, lines 35-39 — Transcript, file page 6, lines 35-39
- Official Supreme Court Transcript — file page 6, lines 47-53 — Transcript, file page 6, lines 47-53
- Official Supreme Court Transcript — file page 65, lines 11-17 — Transcript, file page 65, lines 11-17
- Official Supreme Court Transcript — file page 66, lines 31-39 — Transcript, file page 66, lines 31-39
- Official Supreme Court Transcript — file page 66, lines 47-51 — Transcript, file page 66, lines 47-51
- Official Supreme Court Transcript — file page 67, lines 37-19 — Transcript, file page 67, lines 37-19
- Official Supreme Court Transcript — file page 68, lines 25-35 — Transcript, file page 68, lines 25-35
- Official Supreme Court Transcript — file page 69, lines 25-15 — Transcript, file page 69, lines 25-15
- Official Supreme Court Transcript — file page 7, lines 21-39 — Transcript, file page 7, lines 21-39
- Official Supreme Court Transcript — file page 70, lines 53-7 — Transcript, file page 70, lines 53-7
- Official Supreme Court Transcript — file page 71, lines 13-15 — Transcript, file page 71, lines 13-15
- Official Supreme Court Transcript — file page 71, lines 33-47 — Transcript, file page 71, lines 33-47
- Official Supreme Court Transcript — file page 72, lines 23-47 — Transcript, file page 72, lines 23-47
- Official Supreme Court Transcript — file page 73, lines 21-45 — Transcript, file page 73, lines 21-45
- Official Supreme Court Transcript — file page 74, lines 17-33 — Transcript, file page 74, lines 17-33
- Official Supreme Court Transcript — file page 74, lines 41-43 — Transcript, file page 74, lines 41-43
- Official Supreme Court Transcript — file page 8, lines 45-47 — Transcript, file page 8, lines 45-47
- Official Supreme Court Transcript — file page 9, lines 53-21 — Transcript, file page 9, lines 53-21
Official Court provenance
Official docket and case history · Official Supreme Court oral-argument detail page
Verified official opinions and orders
Title and summary sources
- Official Supreme Court Transcript — file page 102, lines 27-27 — Transcript, file page 102, lines 27-27
- Official Supreme Court Transcript — file page 110, lines 27-7 — Transcript, file page 110, lines 27-7
- Official Supreme Court Transcript — file page 4, lines 23-33 — Transcript, file page 4, lines 23-33
- Official Supreme Court Transcript — file page 52, lines 33-41 — Transcript, file page 52, lines 33-41
- Official Supreme Court Transcript — file page 66, lines 19-29 — Transcript, file page 66, lines 19-29
- Official Supreme Court Transcript — file page 83, lines 35-39 — Transcript, file page 83, lines 35-39
- Official Supreme Court Transcript — file page 102, lines 27-27 — Transcript, file page 102, lines 27-27
- Official Supreme Court Transcript — file page 110, lines 27-7 — Transcript, file page 110, lines 27-7
- Official Supreme Court Transcript — file page 4, lines 23-33 — Transcript, file page 4, lines 23-33
- Official Supreme Court Transcript — file page 52, lines 33-41 — Transcript, file page 52, lines 33-41
- Official Supreme Court Transcript — file page 66, lines 19-29 — Transcript, file page 66, lines 19-29
- Official Supreme Court Transcript — file page 83, lines 35-39 — Transcript, file page 83, lines 35-39
Revision history
- Revision 1 · Post Opinion ·
Correction: Rewritten to the concise citizen-facing editorial standard.
- Revision 2 · Post Opinion ·
Correction: Migrated to the dated official Court activity contract without model use.