Meta Platforms Inc. appears to have disclosed a potentially significant impact to its advertising business from privacy changes in Apple Inc.‘s operating system, judges at a Ninth Circuit argument said in questioning whether the investors had a case for nondisclosure Tuesday.

“You have a tough argument on appeal,” Judge Jacqueline Nguyen said to Jeremy Lieberman of Pomerantz LLP, who argued for the investors. Later, she suggested the allegations boiled down to the “unexpected magnitude of loss,” but that the investors hadn’t pleaded the company sat on that information before disclosing it.

But had Meta disclosed the statistics it was …