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GOULD v. RUEFENACHT

No. 84-165.

471 U.S. 701 (1985)

GOULD v. RUEFENACHT ET AL.

Supreme Court of United States.

Decided May 28, 1985

Attorney(s) appearing for the Case

Robert C. Epstein argued the cause for petitioner. With him on the brief were Dean A. Gaver and Joseph J. Fleischman. Robert J. Kelly filed a brief for O'Halloran, as respondent under this Court's Rule 19.6, urging reversal.

Peter S. Pearlman argued the cause for respondent Ruefenacht. With him on the brief was Jeffrey W. Herrmann.

Daniel L. Goelzer argued the cause for the Securities and Exchange Commission as amicus curiae urging affirmance. With him on the brief were Solicitor General Lee, Deputy Solicitor General Claiborne, Paul Gonson, Jacob H. Stillman, and Rosalind C. Cohen.

JUSTICE POWELL delivered the opinion of the Court.

This case presents the question whether the sale of 50% of the stock of a company is a securities transaction subject to the antifraud provisions of the federal securities laws (the Acts).

I

In 1980, respondent Ruefenacht (hereafter respondent) purchased 2,500 shares of the stock of Continental Import & Export, Inc., an importer of wine and spirits, from Joachim Birkle. Birkle was Continental...

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