Kim v. Song

Illinois Appellate Court
Civil Court
Securities
Citation
Case Number: 
150614-B
Decision Date: 
Monday, August 8, 2016
District: 
1st Dist.
Division/County: 
Cook County
Holding: 
Affirmed.
Justice: 
Harris

Plaintiffs brought suit against Defendants seeking to recover damages and to rescind certain stock purchase transactions, alleging that Defendants made false oral representations about the stock and the corporation. Court properly granted Defendant's motion to dismiss. Plaintiffs failed to properly state a Securities Law violation, and Defendant's subscription agreement contained a non-reliance clause, meaning Plaintiff could not have justifiably relied on Defendant's oral misrepresentations. (CUNNINGHAM and CONNORS, concurring.)