Conroy v. Andeck Resources '81 Year- End Ltd.

Plaintiffs, purchasers of a private offering of securities, filed a multicount complaint against defendants, securities sellers and the Oklahoma law firm representing them, seeking (1) in count I rescission of the sale pursuant to section 13 of the Illinois Securities Law of 1953 (Ill. Rev. Stat. 1981, ch. 121 1/2, par. 137.13) for failure to register the sale, and (2) charging in count II negligence against defendant law firm for its failure to register the transaction.

Defendant sellers moved to dismiss count I of the complaint, maintaining that, based largely on plaintiffs’ previous trades…