Washington and Lee law professor Lyman Johnson has co-authored an amicus curiae brief submitted to the United States Supreme Court on Friday, September 8, 2017. The brief was submitted in support of respondents in Leidos, Inc. v. Indiana Public Retirement System, No. 16-1581. Professor Sarah Haan also signed the brief.
The legal question presented in Leidos is whether a regulation issued by the SEC, Item 303 of Regulation S-K (Item 303), creates a duty to disclose that is actionable under the anti-fraud provision set forth in the Securities Exchange Act of 1934 and the related Rule 10b-5. Item 303 concerns the disclosure of known uncertainties facing a company’s financial future, known as “Management’s Discussion and Analysis”.
Arguments will be heard on November 6, 2017.