Disclose all material financial information

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Reference no: EM133937320

Question

Mr. Rich wanted to acquire a public company in Wall Street, New York.

On day 1, Seller promised in writing that he would "disclose all material financial information and not furnish misleading financial information about the company to Mr. Rich".

On day 5, Seller sent some but not all material financial information to Mr. Rich. Mr. Rich immediately handed all received information to his CPA and his financial advisor for analysis.

The closing day was on day 10, and CPA informed Mr. Rich that some material information were missing on day 9. Financial advisor told Mr. Rich that it would be a good deal by judging on the information on hand. As a result, Mr. Rich closed the deal without putting any reservation on the acquisition agreement.

On day 30, Mr. Rich discovered that the hidden debt of the company is more than its total asset. Mr. Rich sued Seller for a breach of mentioned warranty promised by Seller on day 1.

What is Mr. Rich's likelihood of success? It is best to use irac analysis.

Reference no: EM133937320

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