Jagged Peak Energy Inc. v. Oklahoma Police Pension and Retirement System.

2022 CO 54. No. 21SC334. Securities Regulation—Failure to State a Claim—Materiality.

November 21, 2022

In this case, the Supreme Court considered whether a division of the court of appeals erred when it concluded that plaintiff plausibly pleaded viable claims for relief under the Securities Act of 1933 notwithstanding defendants’ assertions that the alleged misrepresentations at issue were not actionable under federal law because (1) the statements constituted immaterial “puffery” and (2) plaintiff’s claims were based on improper hindsight pleading.

The Court concluded that, on the specific facts presented here, plaintiff stated a plausible claim for relief because its allegations regarding the misrepresentations at issue were, as a matter of law, more than mere puffery and not based on hindsight pleading. Accordingly, the Court affirmed the division’s judgment.