Ackerberg v. Johnson
United States Court of Appeals for the Eighth Circuit
892 F.2d 1328 (1989)
Relevant factsFree
Norman Ackerberg (plaintiff) bought shares of Vertimag Systems Corporation from Clark Johnson (defendant), who had owned the securities for at least four years. Ackerberg later sued Johnson and the brokerage Piper Jaffray & Hopwood (defendant) under the Securities Act of 1933, contending Johnson was not entitled to the exemption under section 4(a)(1) because he was effectively an underwriter.
IssueFree
Whether a person who purchases securities for the purpose of holding them for investment is an 'underwriter' under the Securities Act of 1933.
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