Initially, we note that the allegations of the complaint, as supplemented by plaintiffs' affidavit, did sufficiently allege a cause of action against Mahoney Cohen for fraud. Contrary to the motion court's view, the element of justifiable reliance necessary to state a cause of action for fraud was adequately pleaded. Thus, the complaint, as amplified by plaintiffs' affidavit, alleges: (1) plaintiffs were prevented from making an independent investigation of the books and...
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