Adcock Private Equity v Porges [2018] NSWSC 1363

Adcock Private Equity v Porges [2018] NSWSC 1363

The first defendant, Mr Porges, made misleading or deceptive representations regarding SecureOne's viability and his reluctance to sell, while withholding material adverse facts about litigation and business risks, inducing APE to purchase shares which proved worthless; APE relied on those representations, entitling it to damages for the full sum paid.

Jurisdiction
Australia
Judgment Date
05 September 2018
Procedural Posture
Equity Commercial List / Final Judgment
Outcome
Judgment for the plaintiff against the first defendant for $941,703.38 with interest. The claim against the second defendant dismissed with costs. Costs reserved.
Legal Topics
['misleading or Deceptive Conduct' 'damages' 'reliance' 'contributory Negligence' 'proportionate Liability']
['commercial Law' 'equity'] ['misleading or Deceptive Conduct' 'damages' 'reliance' 'contributory Negligence' 'proportionate Liability']

Case Brief

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Procedural Posture

Equity Commercial List / Final Judgment

Legal Issues

  1. 1 ['Whether the first defendant engaged in misleading or deceptive conduct concerning the sale of SecureOne shares' 'Whether pleaded representations (profit and reluctant seller) were made' 'Whether the representations were misleading or deceptive' 'Whether the plaintiff relied on those representations' 'Quantum of damages' 'Mitigation' 'Contributory negligence' 'Proportionate liability']

Ratio Decidendi

The first defendant, Mr Porges, made misleading or deceptive representations regarding SecureOne's viability and his reluctance to sell, while withholding material adverse facts about litigation and business risks, inducing APE to purchase shares which proved worthless; APE relied on those representations, entitling it to damages for the full sum paid.

Court Disposition

Judgment for the plaintiff against the first defendant for $941,703.38 with interest. The claim against the second defendant dismissed with costs. Costs reserved.

Orders

  • ['Judgment for Adcock Private Equity Pty Ltd against Stephen Robert Porges for $941,703.38 with interest.' 'Claim against Serena Catherine Porges dismissed with costs.' 'Direct parties to prepare short minutes of order.' 'Matter stood over for entry of judgment.' 'Reserve costs for further consideration.' 'Direct...