Applying Ohio’s blue sky law, the Sixth Circuit today held that one who exchanges stock in company A for stock in company B qualifies as a "purchaser" of the company B stock and therefore has a right to rescind the transaction. Murphy v. Stargate Defense Systems Corp., Nos. 06-3980 & 06-4034 (6th Cir. Aug. 10, 2007).
Company B had no comment.