Penfield Company of California et al. v. Securities & Exchange Commission

Decided March 31, 1947. William Orville Douglas delivered the opinion of the Court.

Docket 453 · 330 U.S. 585 (1947) · Cited 327 times

We don’t yet publish a summary of this opinion — read the official text below for the Court’s holding and reasoning.

How the Justices voted

Decided 7–2.

“Concurring” means agreeing with the outcome; any split shown is the Court’s judgment, not each Justice’s reasoning. Source: the Supreme Court Database (Spaeth et al.), Washington University.

Precedents cited

Supreme Court decisions this opinion relies on, ordered by how often it cites each. Cases in our collection link through; others are named.

• In Re Bradley · 318 U.S. 50 (1943)
• United States v. United Mine Workers of America · 330 U.S. 258 (1947)
• Lamb v. Cramer · 285 U.S. 217 (1932)
• Oklahoma Press Publishing Co. v. Walling · 327 U.S. 186 (1946)
• McCrone v. United States · 307 U.S. 61 (1939)
• Interstate Commerce Commission v. Brimson · 154 U.S. 447 (1894)
• Bessette v. W. B. Conkey Co. · 194 U.S. 324 (1904)
• Nye v. United States · 313 U.S. 33 (1941)
• LeTulle v. Scofield · 308 U.S. 415 (1940)
• Oriel v. Russell · 278 U.S. 358 (1929)
• Fox v. Capital Co. · 299 U.S. 105 (1936)
• Union Tool Co. v. Wilson · 259 U.S. 107 (1922)
• United States v. Hark · 320 U.S. 531 (1944)
• Doyle v. London Guarantee & Accident Co. · 204 U.S. 599 (1907)
• Harriman v. Interstate Commerce Commission · 211 U.S. 407 (1908)

Cited by

Later Supreme Court opinions in our collection that cite this case.

• International Union, United Mine Workers v. Bagwell · 512 U.S. 821 (1994)
• Hicks Ex Rel. Feiock v. Feiock · 485 U.S. 624 (1988)
• McComb v. Jacksonville Paper Co. · 336 U.S. 187 (1949)
• Shillitani v. United States · 384 U.S. 364 (1966)
• Local 28 of the Sheet Metal Workers' International Ass'n v. Equal Employment Opportunity Commission · 478 U.S. 421 (1986)
• Maggio v. Zeitz · 333 U.S. 56 (1948)
• United States Department of Energy v. Ohio · 503 U.S. 607 (1992)
• Yates v. United States · 355 U.S. 66 (1957)
• Gutknecht v. United States · 396 U.S. 295 (1970)
• Fleming v. Mohawk Wrecking & Lumber Co. · 331 U.S. 111 (1947)

Official text

Read the official opinion (U.S. Reports, govinfo.gov)

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Source: the U.S. Reports via govinfo.gov; authoring Justice and vote lineup from the Supreme Court Database (Washington University). Citation count from the Free Law Project’s CourtListener bulk data. Data last verified 2026-07-03. Informational only; verify against the primary source before relying. Not a consumer report (FCRA).