(Download) "Esta George Arnold And Gale Reiling Harris" by Third District Court of Appeals of Indiana * eBook PDF Kindle ePub Free
eBook details
- Title: Esta George Arnold And Gale Reiling Harris
- Author : Third District Court of Appeals of Indiana
- Release Date : January 19, 1979
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 79 KB
Description
On July 21, 1972 plaintiffs-appellees Kenneth and Wynell Dirrim initiated an action against National Guaranty Corporation (NGC) and Kenneth Jackson, its president, to recover their investment in NGC. Dirrims alleged that they purchased 1,000 shares of NGC stock in July 1970 for $10,000 and another 500 shares in April 1971 for $5,000 pursuant to a false and misleading prospectus. On April 13, 1973 Dirrims filed an amended complaint adding as defendants the nine individuals who were officers and/or directors of NGC including defendant-appellant Esta G. Arnold. In addition to seeking permission to bring their suit as a class action on behalf of all purchasers of NGC stock after October 15, 1969, Dirrim alleged that the actions of NGC in selling its securities were violative of the Indiana Securities Act, IC 1971, 23-2-1-1 to 23-2-1-25 (Burns Code Ed.) because (1) all sales after October 15, 1969 were made pursuant to a false, misleading and inadequate prospectus, IC 1971, 23-2-1-19(a), and (2) all stock sold after October 15, 1970 when the prospectus expired was unregistered. IC 1971, 23-2-1-3. The trial court found Arnold liable under IC 1971, 23-2-1-19(b),[Footnote 1] the derivative liability section of the Securities Act, for NGCs sales during these two periods.
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