The justices of the Supreme Court are hearing oral arguments today in Facebook, Inc. v. Amalgamated Bank. They are considering the necessity of disclosure of past risks by public companies under Federal Rule 8.
The federal circuit courts have issued split decisions regarding public companies’ responsibility to disclose past risks. The Sixth Circuit ruling determined that past risks were not required to be disclosed. The First, Second, Third, Fifth, Tenth, and D.C. Circuits decided that disclosure was required if the company was aware that a past risk would harm the business. The Ninth Circuit ruled that past risks should always be disclosed, regardless of whether they harm the business or not.
As the Lord Leads, Pray with Us…
- For wisdom for the justices of the Supreme Court as they hear cases regarding public companies disclosure requirements.
- For the president, vice president, and administration officials as they monitor the policies of public and private industry.
- For the Lord’s purposes and plans to be fulfilled in the United States.
