TSC Industries, Inc. v. Northway, Inc.

TSC Industries, Inc. v. Northway, Inc.
TSC Industries, Inc. v. Northway, Inc.
	Supreme Court of the United States
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) 96 S. Ct. 2126; 48 L. Ed. 2d 757; 1976 U.S. LEXIS 155; Fed. Sec. L. Rep. (CCH) ¶ 95,615
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
	Chief Justice Warren E. Burger Associate Justices William J. Brennan Jr. · Potter Stewart; Byron White · Thurgood Marshall; Harry Blackmun · Lewis F. Powell Jr.; William Rehnquist · John P. Stevens
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), was a case in which the Supreme Court of the United States articulated the requirement of materiality in securities fraud cases.

TSC Industries, Inc. v. Northway, Inc.
Supreme Court of the United States
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) 96 S. Ct. 2126; 48 L. Ed. 2d 757; 1976 U.S. LEXIS 155; Fed. Sec. L. Rep. (CCH) ¶ 95,615
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
Chief Justice Warren E. Burger Associate Justices William J. Brennan Jr. · Potter Stewart Byron White · Thurgood Marshall Harry Blackmun · Lewis F. Powell Jr. William Rehnquist · John P. Stevens
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