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Corporations Keyed to O’Kelley
Securities and Exchange Commission v. Ralston Purina Co.
Citation:
346 U.S. 119 (1953)Facts
Ralston and Purina manufactures and distributes various feed and cereal products. Since 1911 the company has had a policy of encouraging stock ownership among its employees; particularly, it has made authorized but unissued common stocks available to some of them. In each of the years, a corporate resolution authorized the sale of common stock to employees who shall, without any solicitation by the company or its officers or employees, inquire of any of them as to how to purchase common stock of Ralston Purina Company. The buyers lived in over fifty widely separated communities. The record shows that in 1947, 234 employees bought stock. The company bottoms its exemption claim on the classification of all offerees as key employees in its organization.
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