Securities
Mar. 21, 2014
High court to decide if mistaken opinion is actionable
The Supreme Court will decide whether a plaintiff can state a claim under federal securities laws regarding a statement of opinion or belief without alleging both objective and subjective falsity. By William Sullivan and John Durrant
Scenario 1: A pharmaceutical company issues stock, saying in the registration statement that it believes it can expect continued growth in the sales of a key drug. After the offering, sales of the key drug plummet. The stock drops in value.
Scenario 2: In making a secondary offering of stock, an originator of residential mortgages says that it adamantly opposes discrimination in lending practic...
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