Opinion
1:23-cv-09630-DEH
01-22-2024
ELI SPORN, Individually and On Behalf of All Others Similarly Situated, Plaintiff, v. BRAINSTORM CELL THERAPEUTICS INC., CHAIM LEBOVITS, and STACY LINDBORG, Defendants.
ORDER APPOINTING LEAD PLAINTIFF AND APPROVING LEAD PLAINTIFF'S SELECTION OF COUNSEL
CLASS ACTION
HONORABLE DALE E. HO, UNITED STATES DISTRICT JUDGE
WHEREAS, the above-captioned securities class action has been filed against defendants Brainstorm Cell Therapeutics Inc. (“Brainstorm” or the “Company”) and certain of its officers and directors, alleging violations of the federal securities laws;
WHEREAS, pursuant to the Private Securities Litigation Reform Act of 1995 (“PSLRA”), 15 U.S.C. § 78u-4(a)(3)(A)(i), on November 1, 2023, a notice was issued to potential class members of the action informing them of, inter alia, their right to move to serve as lead plaintiff within 60 days of the date of the issuance of said notice;
WHEREAS, on January 2, 2024 (ECF No. 10), movant George Colby (“Movant”) moved the Court to appoint Movant as Lead Plaintiff and approve Movant's selection of The Rosen Law Firm, P.A. as Lead Counsel;
WHEREAS, the PSLRA provides, inter alia, that the most-adequate plaintiff to serve as lead plaintiff is the person or group of persons that has either filed a complaint or has made a motion in response to a notice and has the largest financial interest in the relief sought by the Class and satisfies the requirements of Fed.R.Civ.P. 23; and WHEREAS, the Court finding that Movant has the largest financial interest in this action and prima facie satisfies the typicality and adequacy requirements of Fed.R.Civ.P. 23. See 15 U.S.C. § 78u-4(a)(3)(B)(iii)(I).
IT IS HEREBY ORDERED THAT:
APPOINTMENT OF LEAD PLAINTIFF AND LEAD COUNSEL
1. Pursuant to Section 21D(a)(3)(B) of the Exchange Act, 15 U.S.C. §78u-(a)(3)(B), Movant is appointed as Lead Plaintiff for the class as he has the largest financial interest in this litigation and otherwise satisfies the requirements of Fed.R.Civ.P. 23.
2. Movant's choice of counsel is approved and, accordingly, The Rosen Law Firm, P.A. is appointed as Lead Counsel.
3. Lead Counsel, after being appointed by the Court, shall manage the prosecution of this litigation. Lead Counsel is to avoid duplicative or unproductive activities and is hereby vested by the Court with the responsibilities that include, without limitation, the following: (1) to prepare all pleadings; (2) to direct and coordinate the briefing and arguing of motions in accordance with the schedules set by the orders and rules of this Court; (3) to initiate and direct discovery; (4) to prepare the case for trial; and (5) to engage in settlement negotiations on behalf of Lead Plaintiff and the Class.
The Clerk of Court is respectfully requested to close ECF No. 10.
SO ORDERED.