A ruling forcing a website to delay releasing the research findings of financial firms is not an attack on free speech and would not lead to widespread attacks on the media, a lawyer for financial companies that sued the website told federal appeals court judges Friday.

Attorney Bruce Rich told a three-judge panel of the 2nd U.S. Circuit Court of Appeals that several financial services firms sued theflyonthewall.com because the company made a business of widely releasing their expensive-to-produce research findings before their clients could act on the information, weakening the value of the reports.