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Business Organizations Keyed to Sjostrom
SEC v. Ralston Purina Co.
Citation:
346 U.S. 119 (1953)Facts
Ralston Purina manufactures and distributes various feed and cereal products. It has 7,000 employees. Since 1942 it has made authorized but unissued common shares available to some of them. Between 1947 and 1951, a corporate resolution authorized the sale of common stock to employees, who shall, without any solicitation by the company, inquire of any of them as to how to purchase common stock of Ralston Purina Company. It advised that the only employees to whom the stock will be available will be those who take the initiative and are interested in buying stock at present market prices. The buyers lived in over fifty separated communities. The company bottoms is exemption claim on the classification of all offerees as key employees in its organization.
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