Today, the Supreme Court of the United States granted certiorari in two cases:

Facebook v. Amalgamated Bank, No. 23-980: This securities law case arises from a shareholder lawsuit against Facebook, which claimed Facebook inadequately disclosed business risks related to Cambridge Analytica’s access to and misuse of Facebook user data. The shareholders asserted that Facebook’s annual Form 10-K and Form 10-Q filings were false because they disclosed such business risks as hypothetical, when the data misuse at issue already occurred. The question presented is: Whether risk disclosures are false or misleading when they do not disclose that a risk has materialized in the past, even if that past event presents no known risk of ongoing or future business harm.

Advocate Christ Medical Center v. Becerra, No. 23-715: This case analyzes the formula governing when healthcare providers may receive additional Medicare reimbursements for serving high rates of low-income patients. The U.S. government and various hospital and state plaintiffs disagree on whether the relevant formula under the Medicare Act applies to all patients that are eligible for Supplemental Social Security benefits, or only the patients actually receiving such benefits at the time of their hospitalization. The question presented is: Whether the phrase “entitled . . . to benefits,” used twice in the same sentence of the Medicare Act, means the same thing for Medicare part A and Supplemental Social Security benefits, such that it includes all who meet basic program eligibility criteria, whether or not benefits are actually received.