On March 24, 2015, the U.S. Supreme Court overturned an appeals court decision that authorized imposition of securities fraud liability on corporate officials who express genuinely believed statements of opinion. The Court held that when corporate officers tell the SEC that they believe the corporation is operating in compliance with all federal laws, the officers can later be deemed to have made a false statement only if they do not believe the corporation is in compliance. The decision was a victory for WLF, which filed a brief urging the Court to reject claims that a statement of opinion is actionable under federal securities law whenever the opinion is later proven to be wrong, even when genuinely believed. The Supreme Court did, however, leave one door ajar for plaintiffs’—lawyers. The Court held that corporate officials can be held liable for omissions of a material fact if the omitted fact would contradict the reasonable factual implications drawn from the statement of opinion.