Levan v. American Safety Table Co.

The question raised by this appeal is whether four defenses, one also denominated a counterclaim, are sufficient upon their face.

Plaintiff brings this action on behalf of himself and four assignors to rescind subscription contracts to the capital stock of the defendant corporation, cancel the certificates of stock and recover the $55,000 paid, on the ground that these subscriptions were obtained by the alleged fraud of the defendants Frankel and Meyers, officers and agents of the corporation. The complaint alleged that in reliance upon certain false representations as to the condition of the…