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FRANKLIN HIGH INCOME TRUST v. APP GLOBAL, LTD.

7 A.D.3d 400 (2004)

776 N.Y.S.2d 473

FRANKLIN HIGH INCOME TRUST ET AL., Respondents, v. APP GLOBAL, LTD., ET AL., Defendants, and ARTHUR ANDERSEN, L.L.P., ET AL., Appellants.

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

May 18, 2004.

Plaintiffs' allegations that defendant AWSC Soci§fet§fe Coop§ferative (AWSC), a Swiss cooperative domiciled in Geneva, Switzerland, prepared financial statements that were to be used to solicit the interest of New York investors and, in so doing, either knowingly or recklessly misrepresented the financial condition of defendant APP Global, Ltd. and its subsidiaries, to the detriment of New York investors who relied upon the alleged misrepresentations, are adequate...

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