Anheuser-Busch Companies, Inc. v. Summit Coffee Co.

934 S.W.2d 705 (1996)

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Anheuser-Busch Companies, Inc. v. Summit Coffee Co.

Texas Court of Appeals

934 S.W.2d 705 (1996)

Facts

Section 12 of the Securities Act of 1933 (1933 act) provided a cause of action against the seller of a security who misrepresented or omitted a material fact by means of a prospectus or oral communication. The United States Supreme Court ruled that § 12 of the Securities Act of 1933 did not apply to private secondary securities transactions, only initial public offerings. Article 581-33(A)(2) of the Texas Securities Act mirrored the language of § 12 of the 1933 act, but the Texas statute omitted the language limiting the cause of action to misrepresentations or omissions made by means of prospectus or oral communication. Summit Coffee Company (plaintiff) sued Anheuser-Busch Companies, Incorporated (defendant) under Article 581-33(A)(2) of the Texas Securities Act in relation to a private secondary securities transaction. A jury found in favor of Summit Coffee. Anheuser-Busch appealed, arguing that state and federal securities laws did not apply to a private secondary securities transaction.

Rule of Law

Issue

Holding and Reasoning (Barber, J.)

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