My partner Claire Loebs Davis and I are honored to be working with Washington Legal Foundation on a U.S. Supreme Court amicus brief in the Omnicare securities class action. Omnicare concerns what makes a statement of opinion false.
As many of our readers know, Claire and I feel that improvement in the law on statements of opinion is of great importance for companies, their directors and officers, and their D&O insurers. Although Omnicare arises in the context of Section 11, the issues raised are fundamental to the question of what makes a statement of opinion false, and it thus is important for Section 10(b) cases as well. We are thrilled to have a chance to influence how this area of law develops.
You can find the docket and briefing on the SCOTUSblog page for Omnicare.
Here is a link to Claire’s D&O Discourse blog post on the Sixth Circuit’s (incorrect) decision in Omnicare. Here is a link to the Law360 version of Claire’s post, which Omnicare cited in its cert petition.
Here are links to other helpful articles about the Omnicare case:
Securities Defense Bar Has High Hopes Riding On Omnicare
Important Conflict Being Overlooked In Omnicare Case
We will update this post with further links as the matter progresses.