(October 22, 2025) - Attorneys at Skadden, Arps, Slate, Meagher & Flom LLP discuss a recent 9th Circuit opinion about setting the standards for intra-quarter disclosure obligations under the Securities Act of 1933 in the context of initial public offerings, noting cases in other circuits with which it aligns and from which it deviates. To disclose or not to disclose is the question public issuers must ask when confronted with business developments every quarter.