Supreme Court Clarifies Liability Standard Under Securities Act Section 11 for Statements of Opinion in Registration Statements

On March 24, the U.S. Supreme Court issued its much-anticipated decision in Omnicare, Inc., et al. v. Laborers District Council Construction Industry Pension Fund, et al. The Court announced important principles for interpreting the application of the two bases for liability under Section 11 of the Securities Act of 1933 to statements of opinion expressed in a registration statement.

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