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Business Associations Keyed to Coffee, 9th Ed.
Blue Chip Stamps v. Manor Drug Stores
Citation:
421 U.S. 723, 95 S. Ct. 1917, 44 L. Ed. 2d 539 (1975)Facts
In 1967, an antitrust action against Blue Chip Stamp Co. (Old Blue Chip) was terminated by a consent decree requiring reorganization. Under the plan, Old Blue Chip was to merge into a new corporation (New Blue Chip), with the majority shareholders’ holdings reduced. New Blue Chip was required to offer a substantial number of its shares to retailers who had used the stamp service but were not shareholders in the old company. The offering was registered with the SEC, and a prospectus was distributed to all offerees. About 50% of the offered units were purchased. Two years later, Manor Drug Stores, an offeree who had not purchased any units, filed suit alleging that the prospectus contained intentionally pessimistic and misleading information designed to discourage purchases. The complaint claimed that the prospectus misrepresented settlement payments, potential decreases in stamp service usage, potential business losses in California, legal claims against the company, and stamp redemption rates. Manor Drug Stores sought damages representing the lost opportunity to purchase the units, the right to purchase the previously rejected units at the 1968 price, and exemplary damages.
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