Supreme Court Considers Pleading Requirements for Section 11 Claims Based on Statements of Opinion
The Supreme Court heard oral arguments this week in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, No. 13-435, a case in which the Court will determine whether a plaintiff in a private suit against an issuer under § 11 of the Securities Act of 1933, 15 U.S.C. § 77k, may plead that a statement of opinion was “untrue” merely by alleging that the opinion was objectively wrong, or whether the plaintiff must also allege that the statement was subjectively false, requiring allegations that the speaker’s actual opinion was different from the one expressed.