Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund
| Docket No. | Op. Below | Argument | Opinion | Vote | Author | Term |
|---|---|---|---|---|---|---|
| 13-435 | 6th Cir. | Nov 3, 2014 | Mar 24, 2015 | 9-0 | Kagan | OT 2014 |
Disclosure: Goldstein & Russell, P.C., whose attorneys contribute to this blog in various capacities, is among the counsel to the respondents in this case.
Holding: For purposes of Section 11 of the Securities Act of 1933, which allows a purchaser of securities to sue an issuer of a registration statement if the registration statement either “contain[s] an untrue statement of a material fact” or “omit[s] to state a material fact . . . necessary to make the statements therein not misleading,” a statement of opinion does not constitute an “untrue statement of fact” simply because the stated opinion ultimately proves incorrect. And if a registration statement omits material facts about the issuer’s inquiry into, or knowledge concerning, a statement of opinion, and if those facts conflict with what a reasonable investor, reading the statement fairly and in context, would take from the statement itself, then Section 11’s omissions clause creates liability.
Judgment: Vacated and remanded, 9-0, in an opinion by Justice Kagan on March 24, 2015. Justice Scalia filed an opinion concurring in part and concurring in the judgment. Justice Thomas filed an opinion concurring in the judgment.
SCOTUSblog Coverage
- An opinion on opinions (Richard Booth, March 26, 2015)
- Argument analysis: Justices seem likely to affirm Omnicare (Richard Booth, November 4, 2014)
- Argument preview: When is an opinion a fact for securities fraud purposes? (Richard Booth, November 2, 2014)
- Petition of the day (Mary Pat Dwyer, February 6, 2014)
| Date | Proceedings and Orders |
|---|---|
| Oct 4 2013 | Petition for a writ of certiorari filed. (Response due November 7, 2013) |
| Nov 4 2013 | Waiver of right of respondents Laborers District Council Construction Industry Pension Fund, et al. to respond filed. |
| Nov 20 2013 | DISTRIBUTED for Conference of December 6, 2013. |
| Nov 21 2013 | Response Requested . (Due December 23, 2013) |
| Dec 16 2013 | Order extending time to file response to petition to and including January 9, 2014. |
| Jan 9 2014 | Brief of respondents Laborers District Council Construction Industry Pension Fund, et al. in opposition filed. |
| Jan 28 2014 | Reply of petitioners Omnicare, Inc., et al. filed. |
| Jan 29 2014 | DISTRIBUTED for Conference of February 21, 2014. |
| Feb 24 2014 | DISTRIBUTED for Conference of February 28, 2014. |
| Mar 3 2014 | Petition GRANTED. |
| Mar 28 2014 | Consent to the filing of amicus curiae briefs, in support of either party or of neither party, received from counsel for the petitioners. |
| Mar 28 2014 | Consent to the filing of amicus curiae briefs, in support of either party or of neither party, received from counsel for the respondents. |
| Mar 31 2014 | The time to file the joint appendix and petitioner's brief on the merits is extended to and including June 5, 2014. |
| Mar 31 2014 | The time to file respondent's brief on the merits is extended to and including August 25, 2014. |
| Jun 5 2014 | Joint appendix filed. (Statement of costs filed) |
| Jun 5 2014 | Brief of petitioners Omnicare, Inc., et al. filed. |
| Jun 12 2014 | Brief amici curiae of Chamber of Commerce of the United States of America and Business Roundtable filed. |
| Jun 12 2014 | Brief amicus curiae of the United States filed. |
| Jun 12 2014 | Brief amicus curiae of Washington Legal Foundation filed. |
| Jun 12 2014 | Brief amicus curiae of Securities Industry and Financial Markets Association filed. |
| Jun 12 2014 | Brief amicus curiae of Center for Audit Quality filed. |
| Aug 25 2014 | Brief of respondents Laborers District Council Construction Industry Pension Fund, et al. filed. |
| Aug 28 2014 | Brief amicus curiae of Occupy the SEC filed. |
| Aug 29 2014 | Brief amicus curiae of AARP filed. |
| Aug 29 2014 | Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument filed. |
| Sep 2 2014 | Brief amici curiae of Common Law Scholars filed. |
| Sep 2 2014 | Brief amici curiae of Wyoming Retirement System, et al. filed. |
| Sep 2 2014 | Brief amicus curiae of Public Citizen, Inc. filed. |
| Sep 2 2014 | Brief amici curiae of Professors at Law and Business Schools filed. |
| Sep 2 2014 | Brief amici curiae of Institutional Investors filed. |
| Sep 2 2014 | Response of petitioners' to motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument. |
| Sep 4 2014 | SET FOR ARGUMENT on Monday, November 3, 2014. |
| Sep 8 2014 | Record requested from U.S.C.A. for 6th Circuit. |
| Sep 15 2014 | Record received from U.S.C.A. 6th Circuit, this record is electronic. |
| Sep 16 2014 | Record received from U.S.D.C. Eastern District of Kentucky. This record is electronic and located on PACER. |
| Sep 19 2014 | CIRCULATED |
| Sep 24 2014 | Reply of petitioners Omnicare, Inc., et al. filed. (Distributed) |
| Oct 2 2014 | Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument GRANTED. The time is to be divided as follows: 30 minutes for the petitioners, 20 minutes for the respondents, and 10 minutes for the Solicitor General. |
| Nov 3 2014 | Argued. For petitioners: Kannon K. Shanmugam, Washington, D. C. For respondents: Thomas C. Goldstein, Bethesda, Md.; and Nicole A. Saharsky, Assistant to the Solicitor General, Department of Justice, Washington, D. C. (for United States, as amicus curiae.) |
| Mar 24 2015 | Judgment VACATED and case REMANDED. Kagan, J., delivered the opinion of the Court, in which Roberts, C. J., and Kennedy, Ginsburg, Breyer, Alito, and Sotomayor, JJ., joined. Scalia, J., filed an opinion concurring in part and concurring in the judgment. Thomas, J., filed an opinion concurring in the judgment. |
| Apr 27 2015 | JUDGMENT ISSUED |
