SEC v. Ralston Purina Co.
1953 United States Supreme Court case / From Wikipedia, the free encyclopedia
Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about SEC v. Ralston Purina Co.?
Summarize this article for a 10 year old
SHOW ALL QUESTIONS
Securities and Exchange Commission v. Ralston Purina Co., 346 U.S. 119 (1953),[1] was a case in which the United States Supreme Court held that a corporation offering "key employees" equity stock shares is eligible for a transaction-based exemption from securities registration under Section 4(1) [Now Section 4(a)(2)] of the Securities Act of 1933. This exemption would generally not apply when offered to all employees, including rank-and-file employees, as the investors should be "sophisticated investors."
Quick Facts Securities and Exchange Commission v. Ralston Purina Co., Argued April 28, 1953 Decided June 8, 1953 ...
Securities and Exchange Commission v. Ralston Purina Co. | |
---|---|
Argued April 28, 1953 Decided June 8, 1953 | |
Full case name | Securities and Exchange Commission v. Ralston Purina Co. |
Citations | 346 U.S. 119 (more) 73 S. Ct. 981; 97 L. Ed. 1494; 1953 U.S. LEXIS 2688 |
Case history | |
Prior | On a complaint brought by the Securities and Exchange Commission under § 20 (b) of the Securities Act of 1933, seeking to enjoin respondent's unregistered offerings of its stock to its employees, the District Court held the exemption of § 4 (1) applicable and dismissed the suit. 102 F. Supp. 964. The Court of Appeals affirmed. 200 F.2d 85. The Supreme Court granted certiorari. 345 US. 903. |
Holding | |
SEC | |
Court membership | |
| |
Case opinion | |
Majority | Clark, joined by Vinson, Black, Reed, Frankfurter, Douglas, Minton |
Jackson took no part in the consideration or decision of the case. | |
Laws applied | |
Securities Act of 1933, § 4(1) |
Close
Wikisource has original text related to this article: