Securities

Survey of United States Court of Appeals for the Fifth Circuit’s decisions from September 1, 1976, through August 31, 1977 on securities. Presents cases in one of three ways; 1) cases that are not notable from the viewpoint of a federal securities lawyer are noted in the final footnote of this survey, 2) slightly notable cases have their facts, holdings, and reasoning set forth in the article, and 3) important cases receive the same treatment as slightly notable cases with an analysis based on past Fifth Circuit cases and recent Supreme Court cases added. The survey includes cases discussing the definition of a security, the statutory “private placement” exemption, and the definition of materiality.