Business Roundtable has filed an amicus brief in Leidos, Inc. v. Indiana Public Retirement System, a case in which the U.S. Supreme Court will decide whether Item 303 of SEC Regulation S-K – setting business reporting requirements – creates a duty to speak for purposes of a private securities fraud action. If the court upholds the Second Circuit ruling that Item 303 creates a duty to speak, public companies will face a much broader range of private securities claims. Item 303 is especially problematic because its open-ended and forward-looking disclosure requirements are notoriously difficult to apply. 

To read the brief, click here.