The Impact of Omnicare on Auditor Liability Under the Federal Securities Laws

January 11, 2017 – The article, "The Impact of Omnicare on Auditor Liability Under the Federal Securities Laws," was published in The Review of Securities & Commodities Regulation.

The Supreme Court’s Omnicare decision, holding that statements of opinion are actionable under Section 11 of the Securities Act of 1933 only in limited circumstances has important implications for auditors’ liability for their audit opinions. The author discusses the case and reviews subsequent lower court decisions extending Omnicare to Section 10(b) and Section 18 of the Exchange Act.

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