Pierce v. Wahl

Tunnell, Justice,

delivering opinion of the court:

This action was brought in equity to obtain an accounting for wrongdoings allegedly committed by the defendant *467while he was serving Concord Products Corp. (hereinafter called “Concord”) as managing director. Concord was a small, closely held corporation engaged principally in the sale and installation of storm sash and heating equipment; The defendant Pierce held 40 % of the capital stock in Concord, and two men by the name of Carpenter and Tattersall held 40% and 20%, respectively. Inferentially it appears in the record that the three…