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RONEY v. JOYNER

No. 863SC1016.

356 S.E.2d 401 (1987)

John RONEY and North State Financial Corporation v. Max Ray JOYNER, Ferrell L. Blount III, William G. Blount, Charles L. Broom, R.E. Davenport, Jr., I. Jackson Edwards, Vance T. Forbes, R.E. Kirkland, Jr., William D. Reagan, Jr., Directors of North State Financial Corporation, Peat, Marwick and Mitchell & Co., CPAs, and Trident Financial Services, Inc.

Court of Appeals of North Carolina.

June 2, 1987.

Attorney(s) appearing for the Case

Pritchett, Cooke & Burch by W.W. Pritchett, Jr., Windsor, for plaintiffs-appellants.

Adams, Kleemeier, Hagan, Hannah & Fouts by Daniel W. Fouts and George W. Jarecke, Greensboro, for defendants-appellees Joyner, F.L. Blount III, W.G. Blount, Broom, Edwards, Forbes and Kirkland.

Womble, Carlyle, Sandridge & Rice by William C. Raper, Jim D. Cooley and Timothy G. Barber, Winston-Salem, for defendant-appellee Reagan.

Brooks, Pierce, McLendon, Humphrey & Leonard by James T. Williams, Jr. and Jim W. Phillips, Greensboro, for defendant-appellee Peat, Marwick, Mitchell & Co.

Poyner & Spruill by John R. Jolly, Jr. and Ernie K. Murray, Rocky Mount, for defendant-appellee Trident Financial Services, Inc.

PHILLIPS, Judge.

Plaintiff Roney, who owns 2,500 shares of stock in North State Financial Corporation, a North Carolina enterprise, brought this action upon behalf of the corporation and the other shareholders, alleging that the corporation was damaged by the mismanagement and neglect of the defendants in acquiring First Colony Savings and Loan Association's stock. The individual defendants were directors of North State Financial Corporation when the stock was acquired...

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