225.22. A defendant may defeat an action for a misrepresentation in forward-looking information in a document or a public oral statement by proving that (1) the document or public oral statement containing the forward-looking information contained, proximate to that information,
(a) reasonable cautionary language clearly identifying the forward-looking information as such, and identifying material factors that could cause actual results to differ materially from a conclusion, forecast or projection in the forward-looking information; and
(b) a statement of the material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection; and
(2) the defendant had a reasonable basis for drawing the conclusions or making the forecasts or projections set out in the forward-looking information.
This section does not apply to forward-looking information in a financial statement required to be filed under this Act or the regulations or in a document released in connection with an initial public offering.