Schuler v. Beers

PRESIDING JUSTICE SCARIANO

delivered the opinion of the court:

Plaintiff John Schuler (Schuler) brought an action in four counts arising from his June 6, 1984, purchase of 10 shares of stock in First Aid Health Care Management Company (First Aid). This appeal involves only count I of the second amended verified complaint which seeks rescission of the sale under the Illinois Securities Law of 1953 (Ill. Rev. Stat. 1983, ch. 121½, par. 137.1 et seq.) (Act) for defendants’ failure to file a report of sale with the Secretary of State. On November 21, 1985, the court granted both Schuler’s motion…