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Securities and Exchange Commission v. Ralston Purina Co.

United States Supreme Court
346 U.S. 119 (1953)

Facts

Ralston Purina Co. (defendant) offered its stock to its “key” employees for sale. “Key” employees included any employee eligible for a promotion, including many low-income workers that may not otherwise have the opportunity to engage in securities transactions. The Securities and Exchange Commission (plaintiff) brought an action against Ralston, alleging that the sale of stock by Ralston required it to register said stock. Ralston argued that the sale was exempted as a private offering since the stock was only offered to employees. The district court ruled in favor of Ralston, with the court of appeals affirming. The SEC then petitioned for certiorari to the United States Supreme Court.

Rule of Law

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Issue

The issue section includes the dispositive legal issue in the case phrased as a question. To access this section, start your 7-day free trial of Quimbee for Law Students.

Holding and Reasoning (Clark, J.)

The holding and reasoning section includes:

  • A “yes” or “no” answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

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