Supreme Court Rules For Omnicare In Closely Watched Securities Case

March 2015

On March 24, 2015, the United States Supreme Court ruled in Omnicare v. Laborers District Council that a statement of opinion cannot constitute an “untrue statement of fact” under Section 11 of the Securities Act of 1933 simply because the stated opinion ultimately proves to be incorrect.  The Court remanded the case for application of the correct legal standard.  A team of Williams & Connolly attorneys, led by partner Kannon Shanmugam, represented Omnicare before the Supreme Court. 

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