The Delaware Supreme Court pondered Wednesday how much looking backward was needed to weigh a dispute over disclosures required for a Chinese public company about its investment in SpaceX.

If Delaware’s highest court focused on a major investor’s failure to navigate the rocket venture’s “known preferences regarding advanced notice about disclosures,” Justice Abigail M. LeGrow asked during oral arguments, “doesn’t that require us to apply a hindsight bias that we don’t typically apply in a fiduciary duty of care analysis?”

The litigation, which doesn’t directly involve SpaceX, concerns the ouster of a Hong Kong-based subsidiary of China’s Leo Group from …