Petitioner filed a registration statement with the Securities Exchange Commission covering a proposed issue of securities. After examining the statement, the commission concluded that it contained false and misleading information concerning certain material facts, and thereupon instituted a proceeding to compel petitioner to appear and answer certain questions pertinent to the papers filed. At the hearing, petitioner sought to withdraw the registration statement but was denied permission to do so. Upon application of the Securities Exchange Commission to the district court, an order was granted compelling petitioner to appear and answer the questions. On appeal to the Supreme Court of the United States, held, that under the facts petitioner had an unqualified right to withdraw the registration statement and, therefore, any further inquiry by the Securities Exchange Commission would amount to a "fishing expedition." Jones v. Securities and Exchange Comm., (U. S. 1936) 56 S. Ct. 654.
CONSTITUTIONAL LAW-SECURITIES ACT OF 1933-RIGHT OF REGISTRANT TO WITHDRAW REGISTRATION STATEMENT FILED WITH COMMISSION,
Mich. L. Rev.
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