Prepare a business plan stating that access''s patent

Prepare a business plan stating that access''s patent counsel

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Reference no: EM133301052

Assignment:

Randall Fincke was the founder, director, and officer of Access Cardiosystems, Inc., a small start-up company that sold portable automated external heart defibrillators. Fincke prepared a business plan stating that Access's "patent counsel" had advised the firm that "its product does not infringe any patents." This statement was false-patent counsel never offered Access any opinion on the question of infringement. Fincke gave this plan to potential investors, including Joseph Zimmel, who bought $1.5 million in Access shares. When the company later filed for Chapter bankruptcy protection, Zimmel filed a complaint with the federal bankruptcy court, alleging that Fincke had violated the Massachusetts blue sky law. The court awarded Zimmel $1.5 million in damages, and the award was affirmed on appeal. Fincke had solicited investors "by means of" a false statement of material fact, in violation of the fraud provisions in the state's securities laws.

Reference no: EM133301052

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