Matt Levine uses this line in a specific context: If a listed firm does something bad (anything, really), but doesn't immediately disclose it (as is usually th

Matt Levine uses this line in a specific context: If a listed firm does something bad (anything, really), but doesn't immediately disclose it (as is usually the case), it can then be sued later - not directly for doing the bad thing, but indirectly for not having disclosed it (that being the securities fraud).