By Susanna Buergel, Andrew Ehrlich, Daniel Kramer and Audra Soloway ( May 18, 2018, 11:53 AM EDT) -- On Tuesday, May 1, 2018, the U.S. Court of Appeals for the Second Circuit affirmed dismissal of a securities fraud class action against Pretium Resources Inc. In Martin v. Quartermain,[1] the Second Circuit reiterated that plaintiffs must overcome a high bar to plead an actionable misstatement of opinion under Section 10(b) of the Securities Exchange Act of 1934. When an issuer's opinion is honestly held and the issuer has a reasonable basis for its belief, disclosure of underlying information cutting the other way is not required — "even when the 'fact' cutting the other way is the contrary opinion of an expert or authority."[2] The decision is the second time that the Second Circuit has meaningfully discussed the U.S. Supreme Court's 2015 decision in Omnicare Inc. v. Laborers District Council Construction Industry Pension Fund.[3] The Second Circuit's decision in Martin reaffirmed its prior holding in Tongue v. Sanofi[4] that Omnicare provides broad protections for speakers with a good-faith basis underlying their estimates, projections or opinions....