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Building on its recent trend of granting certiorari in securities cases at an arguably unprecedented rate, the Supreme Court has granted certiorari in a case that is likely to impact the future direction of federal securities litigation involving companies that issue securities pursuant to a registration statement filed with the SEC. The case will impact corporate officers, directors, underwriters and auditors involved in such filings as well. At issue is whether or not a plaintiff may survive a motion to dismiss by alleging that a statement of opinion contained in a registration statement was “objectively false” — that is, merely inaccurate — or whether the plaintiff must go further and allege facts showing that the opinion was “subjectively false” — meaning that the defendant did believe the statement at the time it was made.

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