Opinion ID: 1782194
Heading Depth: 4
Heading Rank: 3

Heading: Minimum Offering of $15,000,000

Text: Blackmon argues that Nexity's officers misrepresented that it could raise the original minimum offering of $15,000,000. The trial court found that Blackmon was aware that he could cancel or reduce his subscription and chose not to do so. Blackmon testified at his deposition (1) that he understood, after he received the supplement, that Nexity might not raise $15,000,000 and (2) that he voluntarily purchased Nexity stock even though he knew Nexity might not raise that amount. Blackmon received the supplement, which states that the offering minimum had been lowered to $10,000,000, and Blackmon testified that he understood that change. We will not attribute a childlike simplicity to investors in determining whether a misrepresentation or omission is material. Parnes, 122 F.3d at 547. In this case, the written notice in the supplement that the minimum offering was being lowered to $10,000,000 rendered any contrary oral misrepresentations immaterial. Carr, 95 F.3d at 547.