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REISMAN v. KPMG PEAT MARWICK LLP

No. 00-P-1004.

57 Mass. App. Ct. 100 (2003)

HOWARD REISMAN & others v. KPMG PEAT MARWICK LLP.

Court of Appeals of Massachusetts, Suffolk.

January 15, 2003.

Attorney(s) appearing for the Case

Edward T. Dangel, III (Jonathan L. Glover with him) for the plaintiffs.

Kevin J. Lesinski (John R. Baraniak, III, with him) for the defendant.

Present: LENK, KASS, & MILLS, JJ.

LENK, J.

Soon after selling their interest in Varnet Software Corporation, a family business, for shares of stock in Marcam Corporation (Marcam), a publicly traded company, the Reismans2 saw the value of their investment take a steady and precipitous plunge. When able to do so, they sold their Marcam stock at a much reduced price. After Marcam's subsequent restatement of certain recent financial reports revealed that the prior reports...

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