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PENFIELD CO. v. S.E.C.

No. 453.

330 U.S. 585 (1947)

PENFIELD COMPANY OF CALIFORNIA ET AL. v. SECURITIES & EXCHANGE COMMISSION.

Supreme Court of United States.

Decided March 31, 1947.

Attorney(s) appearing for the Case

Morris Lavine argued the cause and filed a brief for petitioners.

Roger S. Foster argued the cause for respondent. With him on the brief were Acting Solicitor General Washington, Philip Elman, Robert S. Rubin and W. Victor Rodin.

MR. JUSTICE DOUGLAS delivered the opinion of the Court.

The Securities and Exchange Commission, acting pursuant to its authority under § 20 (a) of the Securities Act of 1933, 48 Stat. 74, 86, 15 U.S.C. § 77t, issued orders directing an investigation to determine whether Penfield Company had violated the Act in the sale of stock or other securities. In the course of that investigation it directed a subpoena duces tecum to Young, as an officer of Penfield...

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