Meta Investor Suit Gives Justices Opening to Redefine Risk Talk

The US Supreme Court will tackle an issue next term that has split appeals courts and frustrated securities lawyers when it considers a multibillion-dollar shareholder lawsuit against Meta Platforms Inc., in a case that could reframe how companies tell investors about their business risks.

Meta stands accused of misleading investors about its data-harvesting scandal involving Cambridge Analytica. The justices have agreed to review a Ninth Circuit decision to let the case proceed.

The high court appears poised to set a uniform standard for how public companies talk about past events when disclosing business risks in securities filings. Plaintiffs are ...