Securities and Exchange Commission v. North American Research and Development Corp., Edward White and K. Ralph Bowman, Securities and Exchange Commission v. North American Research and Development Corp., and Martin Orenzoff, Alfred Blumberg, Lewis Dillman and Lars Hagglof & Co., Ltd.’s Empirical Analysis
424 F.2d 63 · 1970
Citation profile
36 federal appellate · 4 district · 3 state decisions
How this case has been cited
Cited by 106 later decisions (2 by the Supreme Court) — most recently December 2016 · most notably Aaron v. Securities & Exchange Commission (1980), Pinter v. Dahl (1988)
36 federal appellate · 4 district · 3 state decisions
Later decisions citing this case, by decade. The current decade is in progress, and our corpus holds fewer opinions from the most recent years, so the latest bars are undercounted — not a real decline.
Relationships
Applies 15 U.S.C. § 77E (§ 5 of the Securities Act of 1933) · 15 U.S.C. § 77Q (§ 17 of the Securities Act of 1933) · 15 U.S.C. § 77T (§ 20 of the Securities Act of 1933) · 15 U.S.C. § 78J (§ 10 of the Securities Exchange Act of 1934)
Relies on Securities & Exchange Commission v. Capital Gains Research Bureau, Inc. · Coates v. Securities & Exchange Commission · Securities & Exchange Commission v. Ralston Purina Co. · Securities & Exchange Commission v. Texas Gulf Sulphur Co. · Balistrieri v. United States
Most-quoted passages
The sentences later courts lift from this opinion, ranked by how many decisions quote each — the parts of the opinion doing the work. These counts are smaller than the citation total above because most of the 106 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
““(a) Unless a registration statement is in effect as to a security, it shall be unlawful for any person, directly or indirectly—(1) to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to sell such security through the use or medium of any prospectus or otherwise; or (2) to carry or cause to be carried through the mails or in interstate commerce, by any means or instruments of transportation any such security for the purpose of sale or for delivery after sale. * * * (c) It shall be unlawful for any person, directly or indirectly, to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to offer to sell or offer to buy through the use or medium of any prospectus or otherwise any security, unless a registration statement has been filed as to such security, or while the registration statement is the subject of a refusal order or stop order or (prior to the effective date of the registration statement) any public proceeding or examination under section 77 of this title.” 15 U.S.C. § lie.”
2 later decisions quote this exact passage · from the concurrence“[i]t shall be unlawful for any person to make any untrue statement of a material fact”
2 later decisions quote this exact passage · from the concurrence“The term “underwriter” means any person who has purchased from an issuer with a view to, or offers or sells for an issuer in connection with, the distribution of any security, or participates or has a direct or indirect participation in any such undertaking, or participates or has a participation in the direct or indirect underwriting of any such undertaking; but such term shall not include a person whose interest is limited to a commission from an underwriter or dealer not in excess of the usual and customary distributors’ or sellers’ commission. As used in this paragraph the term “issuer” shall include, in addition to an issuer, any person directly or indirectly controlling or controlled by the issuer, or any person under direct or indirect common control with the issuer.”
1 later decision quote this exact passage · from the majority
How this case has been treated — in progress
Whether each later court followed, distinguished, criticized, or overruled this decision. The treatment classification (task #35) runs highest-cited cases first and lights up here as it reaches this one.