Matter of Doman Helicopters, Inc.

41 S.E.C. 431 (1963)

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Matter of Doman Helicopters, Inc.

Securities and Exchange Commission
41 S.E.C. 431 (1963)

Facts

The Securities and Exchange Commission (SEC) (plaintiff) sought a stop order against a registration statement filed on behalf of Doman Helicopters, Inc. (Doman) (defendant) based on alleged deficiencies in the registration statement. Doman responded that (1) its registration statement was only a preliminary filing that it always planned to amend, (2) the registration statement’s defects were not serious, and (3) the SEC never sent it a comment letter or otherwise communicated its dissatisfaction with the registration statement. After the SEC commenced this proceeding, Doman filed an amended registration statement, which it argued superseded and cured the deficiencies in its so-called preliminary filing. Doman thus contended that a stop order should not be issued. However, by the time Doman amended its registration statement, approximately 8,000 public investors already owned Doman stock and these investors may have relied on the seriously misleading information in the initial registration statement. Moreover, Doman did not try to widely disseminate corrections of the misleading information in the initial registration statement.

Rule of Law

Issue

Holding and Reasoning ()

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