When the federal government later sued Omnicare for violating anti-kickback laws, investors filed suit as well, claiming Omnicare's opinion about the legality of its rebate practices was an "untrue statement of material fact" in violation of Section 11 of the Securities Act of 1933. The Sixth Circuit agreed, siding with the investors. On appeal, the Supreme Court ruled differently, noting that Section 11 liability only arises if the company's registration statement "contained an untrue statement of material fact or omitted to state a material fact required to be stated therein." Unlike statements of fact, however, opinions convey the possibility of uncertainty, and as a result, the Court said, directors and officers are largely immune to Section 11 liability for opinions.