No. 25-1376October Term 2025Before Arguments
ON24, Inc., et al., Petitioners v. Leadersel Innotech ESG
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
1. Whether an issuer violates Section 11(a)’s misleading-omissions prong by describing unmaterialized risks as hypothetical. 2. Whether an issuer violates Section 11(a)’s misleading-omissions prong whenever it omits information related to a disclosed fact regardless of whether the omission renders an affirmative statement misleading. 3. Whether an issuer violates Item 303 of Regulation S-K—and thus the prong of Section 11(a) prohibiting the omission of required statements—by failing to disclose immaterial facts as “known trends or uncertainties” that are reasonably likely to have a material impact on financial results.
- 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.
Related cases
Grounding
- Grounding
- Primary-source trail available.
- Note
- Plain-English explainer. Official filings and opinions remain authoritative.
- Checked
- Sep 1, 2026
- Method
- Methodology