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NYCAL CORPORATION v. KPMG PEAT MARWICK LLP

426 Mass. 491 (1998)

NYCAL CORPORATION v. KPMG PEAT MARWICK LLP.

Supreme Judicial Court of Massachusetts, Suffolk.

January 16, 1998.

Attorney(s) appearing for the Case

Jeffrey E. Glen, of New York, & Leonard M. Davidson for the plaintiff.

Arnold P. Messing (Donald W. Rose, of New York, & Lisa F. Wallack with him) for the defendant.

Present: WILKINS, C.J., LYNCH, GREANEY, FRIED, & IRELAND, JJ.

GREANEY, J.

On May 24, 1991, the plaintiff, allegedly in reliance on an auditors' report of the 1990 financial statements of Gulf Resources & Chemical Corporation (Gulf) prepared by the defendant, entered into a stock purchase agreement with the controlling shareholders of Gulf and, on July 12, 1991, the sale was completed. Gulf filed for bankruptcy protection in October, 1993, rendering the plaintiff's investment worthless...

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