In the case of Securities and Exchange Commission v. Sloan, 1977, the Supreme Court ruled in favor of the Securities and Exchange Commission (SEC). The SEC had suspended trading for a company's stock due to concerns about its financial statements but was challenged by Harold E. Sloan who argued that such suspension could not exceed ten days without judicial review under Section 12(k) of the Securities Exchange Act. However, the court held that while Section 12(k) does limit suspensions to ten-day periods, it doesn't prevent multiple successive suspensions on new grounds or findings as long as they are made in good faith. Therefore, longer-term suspensions do not necessarily require judicial intervention if there is ongoing cause for concern about a company's securities.

In the dissenting opinion for SECURITIES AND EXCHANGE COMMISSION v. SLOAN, 1977, it was argued that the Securities and Exchange Commission (SEC) should not be allowed to suspend trading in a security indefinitely without judicial review. The dissenting justices believed that this power could potentially lead to abuse by the SEC as it would have unchecked authority over securities trading. They also pointed out that such an interpretation of Section 12(k) of the Securities Exchange Act is inconsistent with its legislative history which suggests Congress intended temporary suspensions only during emergencies or unusual circumstances. Furthermore, they contended that indefinite suspension infringes on property rights without due process of law and thus violates Fifth Amendment protections against arbitrary deprivation of property rights.