Tag Archives: Section 11

U.S. Supreme Court Unanimously Reverses Sixth Circuit in Closely Watched Securities Fraud Case

The U.S. Supreme Court unanimously reversed the Sixth Circuit yesterday in a securities fraud action brought against Omnicare, Inc., a Cincinnati pharmaceuticals services company, under Section 11 of the Securities Act of 1933, 15 U.S.C. § 77k.  See Omnicare Inc. v Laborers District Council Construction Industry Pension Fund, Case No. 13-435 (2015) (PDF).  In siding … Continue Reading

Supreme Court Accepts Omnicare Securities Class Action

The Supreme Court has granted certiorari from the Sixth Circuit’s decision in Laborers District Council Construction Industry Pension Fund v. Omnicare, Inc.    In that securities class action, the plaintiffs allege that statements from a 2005 registration statement that Omnicare’s agreements with drug companies were “legally and economically valid” had violated securities laws.  Creating a split … Continue Reading