I could be wrong but I would think that “publicly traded” is not “closely held.”
And if publicly traded it probably couldn’t be subject to a rule like this either. Because then just who has the standard that deserves the deference? There could be a mechanism for getting standards worked in, such as shareholder resolutions.
The USSC probably did the best they could here. Some other case would have to come up involving shareholders before the principle could be supported by the Court.