Opinion
Master File No. 1:04CV00416.
October 6, 2004
ORDER
The following groups of plaintiffs have moved for appointment as lead plaintiffs and for approval of their choice of lead and liaison counsel in this consolidated action:
(1) for appointment of Pompano Beach Police Firefighters' Retirement System, Alaska Electrical Pension Fund, City of St. Clair Shores Police and Fire Retirement System, City of Sterling Heights General Employees Retirement System and Jason Hennessey (collectively, the "National Retirement Funds") as lead plaintiffs, for approval of Lerach Coughlin Stoia Geller Rudman Robbins, L.L.P., as lead counsel, and for approval of McDaniel Anderson, L.L.P., as liaison counsel;
(2) for appointment of Edward Leung and Cliff Rickard (collectively, the "Leung Group") as lead plaintiffs, for approval of Much Shelist Freed Denenberg Ament Rubenstein and Spector Roseman Kodroff, P.C., as co-lead counsel, and for approval of Wilson Iseman, L.L.P., as liaison counsel;
(3) for appointment of Ronald E. Jones and Jay Krishnaiah (collectively, the "Jones Group") as lead plaintiffs, for approval of Zimmerman, Levi Korinsky, L.L.P., as lead counsel, and for approval of Wilson Iseman, L.L.P., as liaison counsel.
The Jones Group alternatively requests this court to appoint all three groups as co-lead plaintiffs, or to allow the plaintiffs not selected as lead plaintiff to form an executive committee. (Jones Group's Mem. Law Opp'n Competing Lead Pl. Mots. at 3.)
The following plaintiffs or groups of plaintiffs filed for appointment as lead plaintiff, but subsequently moved to withdraw their motions: (1) Cheryl Orlov, (2) Stephen D. Gill, Bobby Ray Hall, Jose F. Iza, Donald Richmond, and Michael A. Tam (collectively, the "Hall Group"), (3) Fred H. Belcher, Jr., Luc Peletier, and Alfred O. White, Jr. (collectively, the "Belcher Group"). The Belcher Group, in its motion to withdraw its lead plaintiff request, also filed notice of its support of the National Retirement Funds' motion.
I. Findings
Pursuant to the Private Securities Litigation Reform Act of 1995, the court finds the plaintiffs designated as National Retirement Funds are the "most capable of adequately representing the interests of class members" (the "most adequate plaintiff" standard). 15 U.S.C. § 78u-4 (a) (3) (B) (i). The National Retirement Funds are entitled to a rebuttable presumption that they are the most adequate plaintiffs because they have moved for appointment, "ha[ve] the largest financial interest in the relief sought by the class," and "otherwise satisf[y] the requirements of Rule 23 of the Federal Rules of Civil Procedure." Id. § 78u-4 (a) (3) (B) (iii) (I). No other movant has adequately rebutted this presumption by showing the National Retirement Funds "will not fairly and adequately protect the interests of the class" or "is subject to unique defenses that render [them] incapable of adequately representing the class." Id. § 78u-4 (a) (3) (B) (iii) (II).
The court further finds no reason to withhold approval of the National Retirement Funds' selection of lead and liaison counsel.See id. § 78u-4 (a) (3) (B) (v); Fed.R.Civ.P. 23 (g) (1).
Finally, the court sees no reason to appoint multiple groups of plaintiffs as co-lead plaintiffs or to appoint an executive committee. These additional parties are not necessary to protect the interests of the plaintiffs in these consolidated actions, and any added parties would not serve the interests of administrative efficiency.
II. Conclusion
IT IS ORDERED that the Motion to Appoint the National Retirement Funds as Lead Plaintiff and for Approval of Lead Plaintiffs' Selection of Lead and Liaison Counsel [8-1] is GRANTED;
IT IS FURTHER ORDERED that the Motion for Appointment of the Leung Group as Lead Plaintiff and for Approval of the Leung Group's Selection of Lead Counsel [23-1] is DENIED;
IT IS FURTHER ORDERED that the Jones Group's Motion for Appointment of Lead Plaintiff and Lead Counsel [26-1] is DENIED;
IT IS FURTHER ORDERED that the Motion of the Belcher Group for Withdrawal of its Motion for Appointment as Lead Plaintiff and Concomitant Support of Application of the National Retirement Funds [35-1] (to withdraw Motion of the Belcher Group for Consolidation, Appointment as Lead Plaintiff and Approval of Selection of Lead Counsel [28-1]) is GRANTED;
All similar cases were consolidated by this court's Order of Consolidation [4-1], filed June 25, 2004.
IT IS FURTHER ORDERED that the Motion of Cheryl Orlov for Withdrawal of Its Motion for Appointment as Lead Plaintiff [40-1] (to withdraw Plaintiff Cheryl Orlov's Notice of Motion for Appointment as Lead Plaintiff and for Approval of Her Selection of Lead Counsel [17-1]) is GRANTED.
IT IS FURTHER ORDERED that the Withdrawal of the Motion of the Hall Group for Appointment as Lead Plaintiff and Approval of Selection of Lead Counsel and Liaison Counsel [20-1] is GRANTED.