Supreme Court

OMNICARE: Supreme Court Clarifies Whether Statements of Opinion by Companies and their Executives are Actionable under the Federal Securities Laws

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This week the Supreme Court resolved a split among federal appellate courts over whether a statement of opinion in a company’s registration statement can be actionable under Section 11 of the Securities Act of 1933 if the speaker actually holds the stated opinion.  The high court ruled that such opinions are not actionable as an “untrue statement of material fact” simply because they turn out to be wrong.  But, taking another “midway position” on a divisive issue of securities class action litigation, the court left the door open…

Supreme Court Clarifies Defendants’ Evidentiary Burden at Removal Stage as to the Amount in Controversy and Halts Tenth Circuit from Applying More Onerous Requirements on Defendants

The United States Supreme Court held this week in Dart Cherokee Basin Operating Co., LLCv Owens that defendants removing cases from state to federal court, including class action defendants…