Riggs v. Riggs

DIXON, Chief Justice.

S. E. Riggs sued Dow Riggs for recovery of the consideration paid for shares of stock in United Screw Machine Products, Inc., alleging violation of Securities Act of 1955 and, in the alternative, fraud in inducing the purchase of the stock.

The record evidence shows that in about 1947 or 1948 J. Alton Riggs started a metal manufacturing business; that some time later he was joined by his brother, Dow Riggs, the business becoming a partnership; and that on October 31, 1955 the business was incorporated under the name of United Screw Machine Products Co. Inc. Appellant S. E.…