On June 29th, the Ninth Circuit held that an issuer's breach of a contractual promise of specific future conduct made in conjunction with SEC reporting requirements is not a sufficient foundation for a securities fraud action. Plaintiffs alleged that BP contractually promised to prudently conduct its oil pipeline operations and that those contracts were attached as exhibits to SEC filings. According to the plaintiffs, BP knowingly failed to prudently conduct its operations, making its contractual statements fraudulent misrepresentations. Disagreeing, the Ninth Circuit held that the instant contractual statement was forward looking, not a representation of current fact. Nor did the statement's subsequent periodic filing with the SEC certify compliance. The statement's terms were broad and evolving. Reese v. BP Exploration (Alaska) Inc.