Kelly v. Brackenridge B. Co., Inc.

Per Curiam,

Plaintiff filed this shareholder’s bill against the corporate defendant, a foreign corporation. He joined as additional defendants the latter’s directors and all shareholders of the corporation’s predecessor. The substance of the complaint is failure of the directors to institute proceedings against the predecessor’s shareholders to recover for alleged misrepresentations by the latter as to the amount of indebtedness of the prior corporation. These untrue statements were allegedly made during the course of negotiations which resulted in the present company’s formation under a plan…