U.S. Sup. Ct.;
16–373
Section 11 of the Securities Act of 1933 gives purchasers of securities “aright of action against an issuer or designated individuals,” including securities underwriters, for any material misstatements or omissions in a registration statement. Omnicare, Inc. v. Laborers Dist. Council Constr. Industry Pension Fund, 575 U. S. ___, ___; see 15 U. S. C. §77k(a). Section 13 provides two time limits for §11 suits. The first sentence states that an action “must be brought within one year after the discovery of the untrue statement or the omission, or after such discovery should have been made by the exercise of reasonable diligence . . . .” The second sentence provides that “[i]n no event shall any such action be brought . . . more than three years after the security was bona fide offered to the public . . . .” §77m.
