Backus v. Kirsch

On December 5. 1928, Henry N. Backus and Ada T. Backus filed separate bills to rescind, for fraud, their sale, in July; 1928, of certain shares of stock in Kirsch Manufacturing Company to Charles W. Kirsch, who was the president, majority stockholder, and dominant personage in the corporation. In May, 1929, such plaintiffs first learned that on or about the years 1921 and 1922, and while plaintiffs owned the shares, Mr. Kirsch had wrongfully appropriated to himself large blocks of stock in the company and sums of money, and which wrongful acts depreciated the value of plaintiffs’ shares.

Plaint…