Ariz. Corp. Comm'n v. Media Prods., Inc
In Ariz. Corp. Comm'n v. Media Prods., Inc., 158 Ariz. 463, 465-67, 763 P.2d 527 (App. 1988), the Court considered a Delaware corporation's sale of securities registered with other states and the SEC to non-Arizonans. 158 Ariz. at 464-65.
Under those facts, the Court held Arizona did not have a legitimate interest in protecting nonresident shareholders whose home states had already determined the offerings met their state standards, and that, although Arizona's business reputation is a legitimate local public interest, the corporation's security sales did not place Arizona's business reputation at stake. Id. at 468-69.