In Law360's article, “High Court Quietly Pulls Meta Case Without a Ruling,” Partner Lauren A. Ormsbee shares her thoughts on the Court's dismissal of Facebook Inc. et al. v. Amalgamated Bank et al., No.23-980.

"We think the court came to the right decision," she said. 

The justices seemed to be "having a healthy debate on how to reach a decision" during oral arguments, she told Law360, but may have felt the case wasn't a good one for drawing a bright line rule, as securities cases rarely are. Institutional investors should be pleased with the outcome, she said.

Ms. Ormsbee and Partner Machael P. Canty, with Associate Charles Stiene, authored an Investor Alert analyzing the Court’s dismissal, noting that “[t]his Supreme Court order is a victory not only for investors, but also for lower courts tasked with assessing a complaint’s allegations on a case-by-case basis.”

Meta asked the Court to throw out a lawsuit brought by a proposed class of investors who argued that the company failed to disclose risks associated with the Cambridge Analytica data harvesting scandal.  Meta petitioned the Court to hear it, urging the justices to rule that public companies don’t need to disclose past events with no known risks of future harm. 

The case is expected to return to a California federal district court.