The federal securities laws were meant to protect people who buy stocks by making sure they have all the important information. Recent court decisions have made it harder for these laws to apply when someone buys almost all of a company's stock. Some courts say that if you buy most of a company, you have enough control that you don't need as much protection. But other courts disagree and think that buying a lot of a company's stock still needs protection. The author believes that having control of a company is a big part of deciding to invest in it, and that not having enough information can be risky. So, they argue that all stock purchases should still be protected by the securities laws.