Neligent Misstatement- Help anyone?

The part I need help with is how do I defend the defendant, in other words what defense would I use ( thought negligent misstatement, but the defendant has a disclaimer so technically he’s not responsible right?), the defense of disclaimer if so HOW do I put it according to my case? Also, is the defendant liable to the plaintiff even if they aren’t his client, is the disclaimer & the Securities Act still effective? The facts are as follows:

Wayman is a prominent investment counsel managing private investment portfolios of professionals, He is registered under the Securities Act, sends a monthly letter to all of his clients one of the letters he said is as follows; Confidential and for the use of Clients only

I recommend immediate purchase of the common shares monolithic memories at any price below $20 a share. This company is soundly managed and has a potential limited only by the memory of a new computer.



Plaintiff Aye picks up a copy of this letter which was left behind by one of Wayman’s clients. Aye phoned Wayman and told him that he would be interested in buying the shares only if the capital gain could be realized quickly. Wayman replied confidently, “Yes, I still think it’s an excellent buy. Now doubt you’ll double your money and I hope to have you as a client soon.”



Waymans opinion based on general reports that he had read a chart of stock performance of the company and general discussions. He had not done any primary research. The retainer letter that Wayman has with his clients which provides that he is not liable if his opinions turn out to be wrong. When the value of stocks begins to drop, Wayman immediately faced his clients advising them to sell and as a result the loss to his clients was limited.



Three months later Aye read that the creditors of the company had petitioned for bankruptcy and learned that the securities commission had suspended trading in the shares. Unable to repay his loan he had to close his business.



Now Aye is suing. Discuss the Plaintiff’s claim and indentify the issues. Raise all the defense of Wayman. Who will ultimately succeed in the trial? Why?

Sorry Forgot to mention when this assignment is due. I need it by Saturaday Evening.

Thanks for any feedback