Shearman And Sterling

News March 24, 2015

Lewis Quoted by Associated Press on Omnicare Ruling

New York litigation partner Daniel Lewis was quoted in an Associated Press (AP) story that examined today’s unanimous US Supreme Court ruling that provided “a limited victory” to pharmacy services provider Omnicare Inc. In a story titled “US high court limits investor suits over deceptive comments,” the AP reported that the Court ruled that investors can’t sue companies for making misleading statements of opinion prior to a public stock offering, even if those statements turn out to be wrong.

Lewis told the AP that while the ruling would not produce a slew of new litigation, it could lead to additional uncertainty for companies. “A plaintiff relying on hindsight could complain that a company didn’t disclose enough about the basis for an opinion,” Lewis said.