Bloomberg Law followed up with Partner Lauren A. Ormsbee after SCOTUS heard oral arguments last week in the securities fraud case NVIDIA Corp. v. E. Ohman J: or Fonder AB, No. 23-970.

In the article, “Justices May Bypass Clarity in NVIDIA’s Pleading Test Request,” she shares her thoughts on the current pleading standard and Nvidia’s challenge to it. 

Nvidia challenged investors’ use of internal company documents (where they lack content descriptions) and expert reports under the standard to plead “with particularity” established by the Private Securities Litigation Reform Act of 1995.

“The pleading standard calls for lower courts to weigh the allegations holistically,” said Lauren Ormsbee, “And by definition, that type of review is not hospitable to a bright line rule.”