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AXEL JOHNSON, INC. v. ARTHUR ANDERSEN & CO.

No. 89 Civ. 6490(MEL).

762 F.Supp. 599 (1991)

AXEL JOHNSON, INC., Plaintiff, v. ARTHUR ANDERSEN & CO., Defendant.

United States District Court, S.D. New York.

April 30, 1991.

Attorney(s) appearing for the Case

Milberg Weiss Bershad Specthrie & Lerach, New York City, for plaintiff; Jared Specthrie, Michael C. Spencer, of counsel.

Curtis, Mallet-Prevost, Colt & Mosle, New York City, for defendant; Eliot Lauer, Benard V. Preziosi, Jr., Peter Sullivan, of counsel.

LASKER, District Judge.

Axel Johnson Inc. ("Johnson") alleges that Arthur Andersen & Co. ("Andersen") in 1982 knowingly or recklessly conducted an inadequate audit of a company known as Industrial Tectonics, Inc. ("ITI"), and that Johnson detrimentally relied on that audit when it acquired ITI in that year. Johnson contends that Andersen's conduct violated Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b) (1988), as well as various...

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