Law360, New York (November 4, 2014, 6:48 PM EST) -- On Nov. 3, 2014, oral argument was held in another securities case being reviewed by the U.S. Supreme Court this year, Omnicare Inc. v. Laborers District Council. The issue before the Supreme Court is whether a plaintiff can adequately plead a claim under Section 11 of the Securities Act of 1933 (the "1933 Act") based on an opinion contained within a registration statement simply by alleging that the opinion turned out to be false. Specifically, respondents in the case (i.e., the underlying plaintiffs), argued that the Supreme Court should impose strict liability under an objective standard as to whether the opinion was false, as held by the Sixth Circuit in this case. ...