S. E. C. v. RALSTON PURINA CO.

No. 512.

346 U.S. 119 (1953)

SECURITIES & EXCHANGE COMMISSION v. RALSTON PURINA CO.

Supreme Court of United States.

Decided June 8, 1953.


Attorney(s) appearing for the Case

Roger S. Foster argued the cause for petitioner. With him on the brief were Acting Solicitor General Stern, John F. Davis and David Ferber.

Thomas S. McPheeters argued the cause and filed a brief for respondent.


MR. JUSTICE CLARK delivered the opinion of the Court.

Section 4 (1) of the Securities Act of 1933 exempts "transactions by an issuer not involving any public offering"1 from the registration requirements of § 5.2 We must decide whether Ralston Purina's offerings of treasury stock to its "key employees" are within this exemption. On a complaint brought by the Commission under § 20 (b) of the Act seeking...

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