MHC MUT. CONVERSION v. SANDLER O'NEILL & PARTNERS

No. 13-1016.

761 F.3d 1109 (2014)

MHC MUTUAL CONVERSION FUND, L.P., on behalf of itself and all others similarly situated; Clover Partners, L.P., Plaintiffs-Appellants, v. SANDLER O'NEILL & PARTNERS, L.P.; FBR Capital Markets & Co.; Scot T. Wetzel; William D. Snider; Guy A. Gibson; Michael J. McCloskey; Robert T. Slezak; Lester Ravitz; Dr. James H. Bullock; Jeffrey R. Leeds; Bernard C. Darre; Crowe Horwath LLP; Dennis R. Santistevan, Defendants-Appellees, and United Western Bancorp, Inc., Defendant.

United States Court of Appeals, Tenth Circuit.

August 1, 2014.


Attorney(s) appearing for the Case

Jeffrey A. Berens of Dyer & Berens LLP, Denver, CO ( Robert J. Dyer III and Darby K. Kennedy of Dyer & Berens LLP with him on the briefs), for Plaintiffs-Appellants.

Peter A. Wald of Latham & Watkins LLP, San Francisco, CA ( Matthew Rawlinson of Latham & Watkins LLP, Menlo Park, CA and Pamela Robillard Mackey and Laura G. Kastetter of Haddon, Morgan and Foreman, P.C., Denver, CO, with him on the brief), for Defendants-Appellees Scot T. Wetzel, William D. Snider, Guy A. Gibson, Michael J. McCloskey, Robert T. Slezak, Lester Ravitz, Dr. James H. Bullock, Jeffrey R. Leeds, Bernard C. Darre, Dennis R. Santistevan, Sandler O'Neill & Partners, L.P., and FBR Capital Markets & Co.

Stanley J. Parzen of Mayer Brown LLP, Chicago, IL ( James C. Schroeder , Dana S. Douglas , and Justin A. McCarty of Mayer Brown LLP with him on the brief), for Defendant-Appellee Crowe Horwath LLP.

Before GORSUCH, BALDOCK, and BACHARACH, Circuit Judges.


GORSUCH, Circuit Judge.

When does section 11 of the Securities Act of 1933 impose liability on issuers who offer opinions about future events? The statute prohibits companies from making statements that are false or misleading. Establishing that an opinion about the future failed to pan out in the end may go some way to meeting that standard but it doesn't go all the way. After all, few of us would label a deeply studied, carefully expressed, and earnestly held opinion...

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