( September 4, 2025, 10:36 AM EDT) -- PASADENA, Calif. — A split panel of the Ninth Circuit U.S. Court of Appeals vacated in part and remanded a lower court’s decision in a securities action brought by investors against financial services company Robinhood Markets Inc., certain of its senior executives and directors and underwriters of the company’s initial public offering (IPO), finding the lower court applied the wrong legal standards in evaluating the investors’ theories based on Section 11 of the Securities Act of 1933’s “misleading” prong and Item 303 of Securities Exchange Commission Regulation S-K....