In a highly anticipated opinion issued earlier this week in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, 575 U.S.  (2015), the U.S. Supreme Court disposed of a split amongst circuits and set forth a new test as to when a statement of opinion in a registration statement may be actionable as a material omission under Section 11 of the Securities Act of 1933. The test does not create a bright line and leaves substantial room for disagreement.