The Society has submitted an amicus brief in an important MD&A disclosure case, Macquarie Infrastructure vs. Moab Partners, that is pending before the U.S. Supreme Court. In the brief, the Society asks the Court to overturn a line of Section 10(b) cases from the U.S. Court of Appeals for the Second Circuit that allowed class-action plaintiffs to bring cases against companies based on industry trends that were not disclosed in corporate MD&A (Item 303) disclosures regardless of materiality or their relation to management’s view of the business.