Legal Opinion
TSC Industries, Inc. v. Northway, Inc.
Supreme Court of the United States
Decided June 14, 1976No. 74-1471PublishedCited by 2,417 opinions
1Opinion of the CourtJustice Marshall
The proxy rules promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934 bar the use of proxy statements that are false or misleading with respect to the presentation or omission of material facts. We are called upon to consider the definition of a material fact under those rules, and the appropriateness of resolving the question of materiality by summary judgment in this case.
I
The dispute in this case centers on the acquisition of petitioner TSC Industries, Inc., by petitioner National Industries, Inc. In February 1969 National acquired 34% of TSC’s…
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