MAXWELL v. SWISSRAY INTERNATIONAL, INC.


297 A.D.2d 243 (2002)

746 N.Y.S.2d 300

J. DOUGLAS MAXWELL, Appellant, v. SWISSRAY INTERNATIONAL, INC., Respondent.

Appellate Division of the Supreme Court of the State of New York, First Department.

Decided August 22, 2002.


In connection with the purchase of Empower, a corporation owned by plaintiff Maxwell, defendant issued to Maxwell 80,000 shares of Swissray stock as consideration. Defendant also agreed to issue 30,000 "additional shares" if certain performance goals were met by Empower during its next two fiscal years. The purchase agreement contains an adjustment clause that requires plaintiff to give back shares in proportion to the extent that Empower's financial statements overstate...

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