N & C PROPERTIES v. Pritchard

Plaintiffs, Charles Pritchard, Alton Foster, Donald Johnson, and Kathy Johnson ("investors"), purchased condominium units (prior to the construction of those units) in a project known as East Pass Towers located in Destin, Florida. They sued N C Properties, Chancellor Land Co., Inc., and Neda, Inc. ("developers"), under the Interstate Land Sales Full Disclosure Act, 15 U.S.C. § 1701-1720 ("ILSFDA" or "the Act"), for failure to provide a written prospectus covering the development. The amended complaint was filed on September 25, 1985, and plaintiffs filed a motion for summary judgment on…