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Adams v. Standard Knitting Mills, Inc.

623 F.2d 422 (1980)

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Adams v. Standard Knitting Mills, Inc.

United States Court of Appeals for the Sixth Circuit
623 F.2d 422 (1980)

Facts

Standard Knitting Mills, Inc. (Standard) merged with Chadbourn, Inc. in 1970. Prior to doing so, Chadbourn issued a proxy statement to the shareholders of both companies, which was reviewed by the accounting firm of Peat, Marwick, Mitchell & Co. (Peat) (defendant). After the merger, it was discovered that Chadbourn’s financials were not as healthy as reported in the proxy statement. Standard’s shareholders brought suit (Adams) (plaintiff) against Standard, Chadbourn and Peat. Adams settled his claims with Standard and Chadbourn. The district court ruled against Peat for violating § 14 of the Exchange Act. Peat then appealed to the Sixth Circuit Court of Appeals.

Rule of Law

Issue

Holding and Reasoning (Merritt, Circuit Judge)

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