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.
Briefing
What it's about
ON24 has asked the Supreme Court to review a Ninth Circuit decision about when companies can be sued under Section 11(a) of the Securities Act for leaving information out of a securities-offering filing. The petition asks the Court to clarify when risk warnings, related omissions, and the SEC's "known trends or uncertainties" rule make a filing misleading.
Argument
The case is pending, and oral argument has not been scheduled. The petition asks the Court to clarify Section 11(a) and the SEC rule on "known trends or uncertainties."
Impact
The case could affect how much companies must say when they sell securities to the public and how easily investors can sue over missing details. That matters to businesses preparing offering documents and to investors deciding whether disclosures give a full picture.
What is ON24 v. Leadersel Innotech ESG about?
It asks when omitted information makes a securities-offering filing misleading under Section 11(a). The petition also raises the SEC's "known trends or uncertainties" rule.
Who could be affected if the Court takes ON24 v. Leadersel Innotech ESG?
Public companies, their lawyers, and investors could all feel the effects. The case could change disclosure practices and lawsuits based on missing information.
What happens next in ON24 v. Leadersel Innotech ESG?
The Court has not scheduled oral argument. Watch for another scheduling move from the Court; no decision window is available yet.
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