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Remedies Keyed to Kovacic-Fleischer, 8th
BDO Seidman, LLP v. Mindis Acquisition Corp.
Citation:
276 Ga. 311, 578 S.E.2d 400 (2003)Facts
Mindis Acquisition Corporation was formed specifically to purchase Mindis Corporation. After completing the purchase transaction, MAC discovered that the actual inventory value of Mindis was substantially less than what had been represented on Mindis’s financial statements. These financial statements had been audited by the accounting firm BDO Seidman, LLP. MAC subsequently filed suit against BDO, alleging that the accounting firm had been negligent in conducting its audit of Mindis’s financial statements. At trial, the court instructed the jury to determine damages using the benefit-of-the-bargain standard, which is the standard typically employed in fraud and deceit cases. The jury returned a verdict in favor of MAC and awarded damages in the amount of 44 million dollars.
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