Adams v. Standard Knitting Mills Inc.
United States Court of Appeals for the Sixth Circuit
623 F.2d 422 (1980)
An outside accountant must intend to deceive to be liable for a material misrepresentation in a proxy statement in violation of § 14 of the Exchange Act.
Relevant Facts
Standard Knitting Mills Inc. (Standard) merged with Chadbourn Inc. Prior to the merger, Chadbourn issued a proxy statement to shareholders reviewed by Peat Marwick Mitchell & Co. (Peat) (defendant). Post-merger, it was discovered that Chadbourn's financials were not as healthy as reported. Standard's shareholders (Adams) (plaintiff) sued Peat for violating § 14 of the Exchange Act.
Issue
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Holding & Reasoning
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Concurrence
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Dissent
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Last updated:
December 8, 2023
Judicial Opinion
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Procedural History
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Citations
623 F.2d 422 (1980)