Dental student David Cookson and his roommate, Brian Dexter, unwittingly purchase some dental equipment stolen by Sam Field, a petty thief. After selling the equipment to their fellow students as "bankrupt stock," they discover themselves to be accomplices to the crime and try to buy the loot back. Peggy, David's girl friend, who is the niece of the hospital dean, serves as an unwilling aid in the mixup. They run into further difficulties when Sam masquerades first as a student and then as a patient. The roommates embark on a series of escapades to recover the equipment, but with their dental exams at hand and Scotland Yard closing in, Sam finally admits to the theft.