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Securities Legislation - Civil Liabilities On Account Of False Registration Statement - Limitations Of Actions - Licenses, Michigan Law Review

Michigan Law Review

Plaintiff, purchaser of stock in Condor Pictures, Inc., brought an action against the officers of the corporation and the auditors who certified the registration statement, to recover damages under section II of the Securities Act of 1933. The action was founded upon misrepresentations and omissions in the registration statement, concerning a lease made by Condor Pictures, Inc., which the auditors failed to set up as a contingent liability. The defendants at the time of the suit stipulated that the stock had no market value, but the plaintiff did not offer any evidence of the actual value of the stock beyond …