On Sept. 29, 2023, the U.S. Supreme Court granted certiorari in Macquarie Infrastructure Corp. v. Moab Partners, L.P., No. 22-1165, to decide whether an alleged failure to disclose a “known trend or uncertainty” under Item 303 of Regulation S-K can support a private securities fraud claim under Section 10(b) of the Securities Exchange Act and SEC Rule 10b-5.