{"ID":51874,"name":"Securities and Exchange Commission v. Sloan","href":"https:\/\/api.oyez.org\/cases\/1977\/76-1607","view_count":0,"docket_number":"76-1607","additional_docket_numbers":null,"manner_of_jurisdiction":"Writ of \u003Ci\u003Ecertiorari\u003C\/i\u003E","first_party":"Securities and Exchange Commission","second_party":"Samuel H. Sloan","timeline":[{"event":"Argued","dates":[259826400,259912800],"href":"https:\/\/api.oyez.org\/case_timeline\/case_timeline\/32897"},{"event":"Decided","dates":[264056400],"href":"https:\/\/api.oyez.org\/case_timeline\/case_timeline\/32898"}],"lower_court":{"ID":7,"name":"United States Court of Appeals for the Second Circuit","href":"https:\/\/api.oyez.org\/taxonomy\/term\/7"},"facts_of_the_case":"\u003Cp\u003ECanadian Javelin, Ltd. (CJL) allegedly distributed false and misleading press releases regarding its business activities. In response, the Securities and Exchange Commission (SEC) exercised its authority ostensibly under \u00a7 12(k) of the Securities Exchange Act of 1934, suspending the trading of securities of the company for 10 days. The SEC exercised this authority repeatedly, resulting in suspension of the trading of the stock of CJL for over a year.\u003C\/p\u003E\n\u003Cp\u003ESamuel H. Sloan owned 13 shares of CJL and was engaged in \u0022substantial\u0022 purchases and short sales of the stock when it was suspended. He filed a lawsuit against the SEC alleging, among other claims, that it exceeded its authority under \u00a7 12(k) to issue consecutive suspension orders. Notably, Sloan represented himself in the courts below, as well as before the US Supreme Court.\u003C\/p\u003E\n","question":"\u003Col\u003E\u003Cli\u003EIs a challenge to the Securities and Exchange Commission (SEC) over its exercise of the authority to suspend the trading of stock of a particular company moot if the SEC asserts it has no plans to consider further orders against that company?\u003C\/li\u003E\n\u003Cli\u003EDoes \u00a7 12(k) of the Securities Exchange Act of 1934 permit the Commission to issue consecutive orders for the suspension of trading of a particular company\u0027s stock?\u003C\/li\u003E\n\u003C\/ol\u003E","conclusion":"\u003Cp\u003EThe issue presented is not moot because the source of the injury \u0022is capable of repetition, yet evading review.\u0022 On the merits, \u00a7 12(k) of the Securities Exchange Act of 1934 does not grant the Commission authority to issue a series of summary orders that would suspend trading in a stock beyond the initial 10-day period, absent additional circumstances warranting such action. Justice William Rehnquist delivered the opinion that was unanimous as to the judgment.\u003C\/p\u003E\n\u003Cp\u003EAs to the question of mootness, the Court\u0027s precedent provides that a case is not moot when \u0022(1) the challenged action was in its duration too short to be fully litigated prior to its cessation or expiration, and (2) there was a reasonable expectation that the same complaining party would be subjected to the same action again.\u0022 Because of the historic practices of CJL, of which Sloan still owns stock, it remains likely that the SEC will again suspend trading of its shares, creating a \u0022reasonable expectation of recurring injury\u0022 to Sloan.\u003C\/p\u003E\n\u003Cp\u003EAs to the merits, the Court first looked to the language of \u00a7 12(k), which provides that the SEC may \u0022summarily to suspend trading in any security . . . for a period not exceeding ten days.\u0022 The Court found that the SEC\u0027s interpretation of this provision as permitting redetermination every 10 days under a single set of circumstances was \u0022not the most logical or logical one.\u0022 Moreover, the power to suspend, effectively indefinitely, the trading of a company\u0027s stock is \u0022an awesome power, with a potentially devastating impact on the issuer, its shareholders, and other investors.\u0022 Such power may only arise from a \u0022clear mandate from Congress,\u0022 which \u00a7 12(k) does not provide. The Court concluded that \u0022Congress did not intend the Commission to have the power to extend the length of suspensions under \u00a7 12(k) at all, much less to repeatedly extend such suspensions without any hearing.\u0022\u003C\/p\u003E\n\u003Cp\u003EJustice William Brennan filed a concurring opinion, in which Justice Thurgood Marshall joined. Justice Harry Blackmun filed an opinion concurring in the judgment.\u003C\/p\u003E\n","advocates":[{"advocate":{"ID":27809,"name":"Harvey L. Pitt","href":"https:\/\/api.oyez.org\/people\/harvey_l_pitt","view_count":0,"last_name":"Pitt","roles":null,"thumbnail":null,"length_of_service":0,"identifier":"harvey_l_pitt"},"advocate_description":"for petitioner","href":"https:\/\/api.oyez.org\/case_advocate\/case_advocate\/11029"},{"advocate":{"ID":42077,"name":"Samuel H. 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