Reiss v. Financial Performance Corp.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Friedman, J.
Where a warrant to purchase stock is silent as to the effect of a reverse stock split on a warrant holder’s right to purchase shares of stock, must the warrant be deemed, after such a split, to reflect a proportional change in both the number of shares that may be purchased and the price of each share? We conclude that, in the absence of any evidence that the parties to a warrant contemplated otherwise, the warrant holder, because of the reverse stock split, is limited to purchasing shares proportionally adjusted as to both number and price.
This appeal arises…
2Cases cited11 opinions
- Mihlovan v. GrozavuNew York Court of Appeals · 1988
- Four Seasons Hotels Ltd. v. VinnikAppellate Division of the Supreme Court of the State of New York · 1987
- M. O'Neil Supply Co. v. Petroleum Heat & Power Co.New York Court of Appeals · 1939
- Aron v. GillmanNew York Court of Appeals · 1955
- Barclay Arms, Inc. v. Barclay Arms AssociatesNew York Court of Appeals · 1989
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3Cited by8 opinions
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