U.S. Supreme Court ruled on 12 April 2024, that pure omissions do not create liability under Securities Exchange Act of 1934.

The U.S. Supreme Court unanimously ruled on April 12, 2024, that pure omissions—failing to disclose information without making a false or misleading statement—do not give rise to liability under Section 10(b) of the Securities Exchange Act of 1934 or Rule 10b-5 thereunder, even if there is a regulatory duty to disclose the omitted information. The decision in Macquarie Infrastructure Corp. v. Moab Partners, L.P. resolved a split among the circuit courts and limited the scope of private securities fraud claims under Section 10(b).