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On April 15, 2026, the NAM filed an amicus brief in the 9th Circuit urging the court to set clear limits on the types of statements that form the basis of securities fraud class actions. In this case involving NVIDIA, the company’s shareholders sued the company for allegedly inflating the value of its stock with certain crypto-related statements in 2017-2018, then causing the stock’s value to plummet with later statements made after the crypto market crashed in late 2018. However, the plaintiffs offered no evidence that these later statements would have caused the stock’s value to drop. Our amicus brief urges the 9th Circuit to apply SCOTUS precedent on this “price impact” theory and find that only statements offering new information to the market can serve as the basis for securities fraud claims.