TSC Industries, Inc. v. Northway, Inc. | |
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Argued March 3, 1976 Decided June 14, 1976 | |
Full case name | TSC Industries, Incorporated, et al. v. Northway, Incorporated |
Citations | 426 U.S. 438 (more) |
Case history | |
Prior | Plaintiffs' motion for partial summary judgment on liability denied, 361 F. Supp. 108 (N.D. Ill. 1973), affirmed in part, reversed in part, 512 F.2d 324; cert. granted, 423 U.S. 820 (1975). |
Holding | |
A misstated or omitted fact in a proxy solicitation is material if there is a substantial likelihood that a reasonable shareholder would consider it important in deciding how to vote. | |
Court membership | |
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Case opinion | |
Majority | Marshall, joined by Burger, Brennan, Stewart, White, Blackmun, Powell, Rehnquist |
Stevens took no part in the consideration or decision of the case. | |
Laws applied | |
Securities Exchange Act of 1934 |
TSC Industries, Inc. v. Northway, Inc., 426 U.S. 438 (1976),[1] was a case in which the Supreme Court of the United States articulated the requirement of materiality in securities fraud cases.