Supreme Court Decision Alert - March 24, 2015

Today, the Supreme Court issued two decisions, described below, of interest to the business community.

• Securities Act of 1933—Misstatements in SEC Registration Statements
• Lanham Act—Preclusive Effect of Trademark Trial and Appeal Board Determinations

Securities Act of 1933—Misstatements in SEC Registration Statements

Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, No. 13-435

Section 11 of the Securities Act of 1933 grants a right of action to investors who allege that they have purchased securities in reliance on a registration statement that "contained an untrue statement of material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading." 15 U.S.C. § 77k(a). Today, the Supreme Court vacated a Sixth Circuit decision that had allowed expansive liability under Section 11 for statements of opinion. The Supreme Court held that an opinion may give