No. 25-1365October Term 2025Before Arguments
Zillow Group, Inc., et al., Petitioners v. Jeremy Jaeger, Individually and on Behalf of All Others Similarly Situated
from the United States Court of Appeals for the Ninth Circuit.
Case status
- Current stage
- Before Arguments
- Latest event
- Accepted by the Court
- Decision timing
- No window until argument is scheduled.
- What it's about
from the United States Court of Appeals for the Ninth Circuit.
Question presented
Whether a defendant can rebut the inflation maintenance theory by showing that back-end disclosures didn’t actually correct its alleged misstatements, as the Second Circuit has held, or whether the inflation maintenance theory is functionally immune from challenge if the disclosures are about the same general subject as the prior statements, as the Third and Ninth Circuits have held?
- Case path
United States Court of Appeals for the Ninth Circuit / Accepted by the Court
- Area
Supreme Court case awaiting argument
Timing
Expected by late June 2026, if argued this term
The Court granted review but has not yet scheduled oral argument. Once argued, the median case reaches a decision in 94 days. Nearly all cases are decided by the end of the term in which they are argued.
Briefing
What it's about
Zillow is asking the Supreme Court to review a securities-fraud class-action dispute from the Ninth Circuit. The petition asks whether a company can rebut investors' theory by showing later disclosures did not actually correct the earlier alleged misstatements, or whether that theory survives when both sets of statements concern the same general subject.
Argument
No argument is scheduled yet. The certiorari petition (request for Supreme Court review) asks the justices to resolve the circuit split over whether later disclosures must actually correct earlier statements to rebut investors' claim that the statements affected market price.
Impact
The answer could shape how easily investors can get class certification (permission to sue as a group) in securities-fraud cases. That matters for public companies like Zillow and for shareholders who want to pursue claims together.
What is Zillow Group v. Jaeger about?
It asks whether a company can defeat a securities-fraud class theory by showing later disclosures did not actually correct earlier statements. The dispute is over class certification (whether investors can sue together).
Who is affected if the Court takes this case?
Public companies and shareholders in securities-fraud suits could be affected. The answer could change how easily investors can proceed as a class.
What happens next in Zillow Group v. Jaeger?
The justices first decide whether to grant certiorari (review). No oral argument is scheduled yet, and no decision window is available.
Related cases
Grounding
- Grounding
- Primary materials plus reporting.
- Note
- Best-effort analysis: this explainer relies on a mix of primary materials and trusted secondary sources. Official filings and opinions remain authoritative.
- Checked
- Jul 17, 2026
- Method
- Methodology