Second Circuit's Sanofi Decision Applies Omnicare’s Standard for Liability for Statements of Opinion Under Section 11 for the First Time and Affirms Dismissal

On Friday, March 4, 2016, the Second Circuit ruled in In re Sanofi Securities Litigation, AG Funds, L.P. v. Sanofi, finding that statements of opinions that allegedly failed to disclose certain contradictory facts did not constitute material misstatements or omissions in light of the context of those statements. The ruling represents the first time that the Second Circuit has meaningfully interpreted the standards for liability for statements of opinion set out in the Supreme Court’s 2015 decision in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund.