Claire Davis

Claire Davis

Lane Powell PC

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Omnicare, Inc., One Year Later: Its Salutary Impact on Securities-Fraud Class Actions in the Lower Federal Courts

Just over a year ago, on March 24, 2015, the U.S. Supreme Court issued its opinion in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund. Omnicare held that a statement of opinion is only false...more

7/11/2016 - Class Action False Statements Misleading Statements Omnicare v Laborers District Council Section 11 Securities Act of 1933 Securities Exchange Act Securities Fraud Securities Litigation

5 Wishes for Securities Litigation Defense: Effective Use of the Supreme Court’s Omnicare Decision

In this installment of the D&O Discourse series “5 Wishes for Securities Litigation Defense,” we discuss the third of five changes that would significantly improve securities litigation defense: to make the Supreme Court’s...more

6/30/2016 - Corporate Counsel Defense Strategies Honest Belief Defense Misleading Statements Motion to Dismiss Omnicare Omnicare v Laborers District Council Puffery Registration Statement Section 11 Securities Act of 1933 Securities Fraud Securities Litigation Statement of Opinion Young Lawyers

5 Securities Litigation Issues to Watch in 2016

The coming year promises to be a pivotal one in the world of securities and corporate governance litigation. In particular, there are five developing issues we are watching that have the greatest potential to significantly...more

1/19/2016 - 10b5-1 Plans Board of Directors Bylaws Corporate Governance Corporate Officers Cybersecurity Derivative Suit False Statements Forum Selection Insider Trading Mergers Omnicare v Laborers District Council Publicly-Traded Companies Scienter SCOTUS Securities Exchange Act Securities Fraud Securities Litigation Shareholder Litigation Whistleblowers

Supreme Court’s Omnicare Decision Follows Middle Path Advocated by Lane Powell and Washington Legal Foundation

In the March 24 opinion issued in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund (Omnicare), the Supreme Court rejected the two extremes advocated by the parties regarding how the truth or...more

3/27/2015 - Material Misstatements Omnicare Omnicare v Laborers District Council Registration Statement SCOTUS Section 11 Securities Act of 1933

Supreme Court’s Omnicare Decision Follows Middle Path Advocated by Lane Powell and WLF

In the opinion issued yesterday in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund (“Omnicare”), the Supreme Court rejected the two extremes advocated by the parties regarding how the truth or...more

3/26/2015 - Misleading Statements Omnicare Omnicare v Laborers District Council Pharmacies Registration Statement SCOTUS Section 11 Securities Act of 1933 Securities Fraud

Omnicare Court Ponders Two Middle Paths: One Rocky, One Smooth

Monday’s oral argument before the Supreme Court in Laborers District Counsel Construction Industry Pension Fund v. Omnicare, Inc., (“Omnicare”) was remarkable in that, as Omnicare attorney Kannon Shanmugam noted, it was the...more

11/10/2014 - Evidence False Statements Federal Rules of Civil Procedure Materiality Omnicare Omnicare v Laborers District Council Reasonableness Factors SCOTUS

Public Companies, Beware! Safe Harbor Protection Requires Thoughtful Warnings and a Sophisticated Defense

Public companies around the country labor under the misunderstanding that the Private Securities Litigation Reform Act’s “Safe Harbor” provision protects them from liability for publicly announced earnings guidance and other...more

2/10/2014 - Compliance Employer Liability Issues PSLRA Safe Harbors

Halliburton: Is the Fix as Basic as Alleging Omissions under Affiliated Ute? Or Is That Too Cute?

Even the most experienced securities defense attorneys regularly summarize Rule 10b-5(b) as creating a cause of action for “false or misleading statements and omissions of material fact.” Courts –including the Supreme Court...more

1/28/2014 - Class Action False Statements Fraud-on-the-Market Halliburton Halliburton v Erica P. John Fund Justifiable Reliance Misleading Statements Omissions Reasonable Reliance Claims Rule 10b-5 Securities Securities Fraud Securities Litigation Standing

Sixth Circuit Takes Wrong Turn in Cases Challenging Opinions: A Statement of Opinion is not False if it is Genuinely Believed

When is an opinion a false or misleading statement? If a company official says “I think the deal is fair,” is it a false statement just because the deal is objectively unfair? Or only if the official also did not...more

8/13/2013 - False Statements Misleading Statements

Second Take on Amgen: Defense Arguments Largely Intact, Even in Overruled Circuits

In our post in the immediate wake of the Supreme Court’s decision in Amgen Inc. v. Connecticut Retirement Plans, we concluded that rather than being a new threat to the defense of securities class actions, Amgen basically...more

3/29/2013 - Amgen Amgen Inc. v Connecticut Retirement Plans Class Action Fraud-on-the-Market Material Misstatements SCOTUS Securities Fraud Securities Litigation

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