Skip to main content

Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund

Docket No.13-435
Op. Below6th Cir.
ArgumentNov 3, 2014
Vote9-0
AuthorElena Kagan
OpinionMar 24, 2015
TermOctober Term 2014
SCOTUS PageOpinion

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 Elena Kagan on Mar 24, 2015. Justice Scalia filed an opinion concurring in part and concurring in the judgment. Justice Thomas filed an opinion concurring in the judgment.

Proceedings & orders timeline

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

Welcome

Tell us a bit about yourself and choose what you’d like to hear from us. You can change any of it any time in your account.