Ackerberg v. Johnson
United States Court of Appeals for the Eighth Circuit
892 F.2d 1328 (1989)
An individual is not considered an underwriter if he or she purchases securities for the purpose of holding the securities for investment.
Relevant Facts
Norman Ackerberg (plaintiff) bought shares of Vertimag Systems Corporation (Vertimag) from Clark Johnson (defendant). Johnson had owned the securities for at least four years. Ackerberg later sued Johnson and Piper Jaffray & Hopwood Inc. (PJH) (defendant), a brokerage firm, for violating the Securities Act of 1933, alleging Johnson was not entitled to an exemption under § 4(a)(1) of the Act.
Issue
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Holding & Reasoning
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Concurrence
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Dissent
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Last updated:
December 8, 2023
Judicial Opinion
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Procedural History
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Citations
892 F.2d 1328 (1989)