The U.S. Supreme Court on Tuesday limited, but did not erase, the liability that companies face when they offer opinions or predictions in securities filings that turn out to be wrong.

“A statement of opinion is not misleading just because external facts show the opinion to be incorrect. Reasonable investors do not understand such statements as guarantees,” Justice Elena Kagan wrote in Tuesday’s decision in Omnicare Inc., et al. v. Laborers District Council Construction Industry Pension Fund.

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