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Corporations Keyed to O’Kelley
Blue Chip Stamps v. Manor Drug Stores
Citation:421 U.S. 723 (1975)
As part of the settlement of a government antitrust action Blue Chip Stamp Co. (Old Blue Chip), agreed to widen its ownership base and to offer a substantial number of its shares of common stock to retailers who had used the stamp service in the past but who were not shareholders in the old company. The offering was registered with the SEC. Two years after the offering, respondent, a former user of the stamp service and therefore an offeree of the 1968 offering, filed this suit. It alleged that Blue Chip intentionally made the prospectus overly pessimistic to discourage respondent and other members of the allegedly large class whom it represents from accepting what was intended to be a bargain offer, so that the rejected shares might later be offered to the public at a higher price. The complaint alleged that the class members in reliance on the false and misleading prospectus failed to purchase the offered units.
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