U.S. Supreme Court building in Washington, D.C.. Photo: Diego M. Radzinschi/ALM The Supreme Court Considers Item 303
On Sept. 29, 2023, the U.S. Supreme Court granted certiorari in 'Macquaire Infrastructure v. Moab Partners' to consider whether the failure to make disclosures required under Item 303 of the SEC's Regulation S-K can support an action for securities fraud under Rule 10b-5.
November 15, 2023 at 10:00 AM
9 minute read
Securities Litigation
On Sept. 29, 2023, the U.S. Supreme Court granted certiorari in a case that will become Macquaire Infrastructure Corp. v. Moab Partners L.P., to consider whether the failure to make disclosures required under Item 303 of the SEC's Regulation S-K can support an action for securities fraud under Rule 10b-5. As all securities practitioners know, Item 303 requires a "reporting" company to disclose in its periodic SEC filings any "known trend, demand, commitment, event or uncertainty" that will result or is reasonably likely to result in material changes to the issuer's liquidity, capital resources or results of operations.
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