Edit: Hyrpower, forward-looking statements are ok. Intentionally deceptive statements are not.
Conversely, the Ninth Circuit stated in dicta that despite meaningful cautionary statements, “a person may be held liable if the forward-looking statement is made with actual knowledge . . . that the statement was false or misleading (internal quotations omitted).” 17 In addition, a California district court reached a similar result by reasoning that where a forward-looking statement is made and the speaker has actual knowledge that it is false, “cautionary language can only be meaningful if it either states the belief of the speaker that it is false or misleading, or at the very least, clearly articulates the reasons why it is false or misleading.” 18