Jagged Peak Energy Inc. Joseph N. Jaggers Robert W. Howard Shonn D. Stahlecker Charles D. Davison S. Wil Vanloh, Jr…

Summary

The court affirmed the court of appeals’ conclusion that Oklahoma plausibly stated Securities Act claims based on statements about Jagged’s management expertise, track record, and focus on reducing drilling costs. The court held that the statements could not be deemed immaterial puffery as a matter of law because their meaning and materiality depended on the offering documents’ context, industry circumstances, and objectively verifiable allegations. It also held that the complaint was not impermissibly based solely on hindsight because it alleged that relevant conditions existed and were known at the time of the IPO.