On March 4, 2016, the U.S. Court of Appeals for the Second Circuit reinforced the stringency of the new standard for liability in securities cases arising from allegedly misleading statements of opinion. Construing the Supreme Court’s 2015 Omnicare decision, the Second Circuit held in Gen. Partners Glenn Tongue v. Sanofi Pharmaceuticals, Inc. that a statement of opinion does not become misleading based on allegedly omitted material facts unless the omitted facts conflict with what a reasonable investor would have understood from the statement itself. To read more, please see our recent client alert here.