Scienter

So no court has tested any attempt by the government to establish materiality in this context.

The same is true for SciEnter.

Importantly, the first public settlement related to DEI issues that reached back to conduct from 2017, which was obviously far before Donald Trump's executive orders pertaining to DEI.

I struggle personally to see how the government could establish scienter for conduct that was not interpreted as illegal at the time, but we have not yet seen how that issue would play out in the courts.