 SEC v. Ralston Purina Co.

Securities and Exchange Commission v. Ralston Purina Co., 346 U.S. 119 (1953), was a case in which the United States Supreme Court held that a corporation offering "key employees" equity stock shares is eligible for a transaction-based exemption from securities registration under Section 4(1) [Now Section 4(a)(2)] of the Securities Act of 1933.Section 4(1) [Now Section 4(a)(2)] of the Securities Act exempts "transactions by an issuer not involving any public offering" from the registration requirements of Section 5.