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Email In a recent decision, Moab Partners, L.P. v. Macquarie Infrastructure Corporation, the U.S. Court of Appeals for the Second Circuit vacated a lower court’s dismissal of claims under Section 10(b) of the Securities Exchange Act of 1934 based on an issuer’s alleged failure to disclose the threat to its business posed by a regulation to reduce harmful sulfur oxide emissions from ships. The International Maritime Organization regulation, “IMO 2020,” which cut the permissible upper limit on the sulphur content of ships’ fuel oil from 3.5% to .5%, harmed a subsidiary’s core business, storing “No. 6 fuel oil,” which has a sulfur content of 3%. https://www.cadwalader.com/resources/clients-friends-memos/second-circuit-confirms-that-item-303-disclosure-violations-may-support-section-10b-liability-in-reviving-claims-based-on-failure-to-disclose-risks-from-harmful-emission-regulation