Few issues have reshaped the corporate disclosure landscape over the past year as quickly as tariffs. Since President Trump’s “Liberation Day” announcement of sweeping import duties on April 2, 2025, targeting major trading partners such as China, Mexico, and the EU, the administration’s tariff policy has shifted repeatedly and fluctuated country by country as leverage for bilateral negotiations. That volatility accelerated further in February 2026, when the Supreme Court rejected the President’s reliance on the International Emergency Economic Powers Act as the statutory basis for his tariff actions, in response to which the President re-announced a global 15% tariff under different statutory authority. Supply chains have become strained, consumer prices have climbed, and the plaintiff’s bar has taken notice. The result is a marked uptick in securities class actions premised on issuers’ allegedly downplaying tariff impacts on revenues. For example, in Purrington v. Lakeland Industries, Inc., No. 26-cv-1501 (S.D.N.Y. Feb. 23, 2026), Dkt. 1, plaintiffs targeted statements made by an industrial clothing manufacturer regarding its ability to withstand the impacts of U.S. tariffs.