J.A.O. Acquisition Corp. v. Stavitsky

OPINION OF THE COURT

Graffeo, J.

In this action arising out of a stock purchase transaction, we conclude that plaintiff did not raise a triable issue of fact on its negligent misrepresentation and fraud claims against defendant bank. We therefore affirm the order of the Appellate Division dismissing the complaint.

In June 1997, plaintiff J.A.O. Acquisition Corp. entered into an agreement to purchase the stock of D.B. Brown, Inc., a meat and fish distributor, from Jeffrey Stavitsky and W. Paul Brogowski. 1 The agreement listed D.B. Brown’s net worth at $2.2 million and, as relevant here,…