Law360, New York ( March 23, 2016, 10:19 AM EDT) -- One year ago, in Omnicare Inc. v. Laborers District Council Construction Industry Pension Fund, 135 S.Ct. 1318 (2015), the U.S. Supreme Court created a new test for opinion liability under Section 11 of the Securities Act, a strict liability statute that applies to material misrepresentations and omissions in a registration statement. The court stated that under the misrepresentation prong of Section 11, even if an opinion is objectively wrong, a statement of opinion is misleading only if the defendant did not believe it or if it contained other embedded factual statements that were untrue. To hold otherwise, the court wrote, is to ignore that a statement of opinion merely affirms "that the speaker actually holds the stated belief," not that the belief is correct....