In Re Sunpower Corporation Shareholder Derivative Litigation

Filing 36

STIPULATION AND ORDER REGARDING EXTENSION OF TIME FOR LEAD PLAINTIFFS TO FILE A CONSOLIDATED COMPLAINT. Signed by Judge Richard Seeborg on 6/29/10. (cl, COURT STAFF) (Filed on 6/29/2010)

Download PDF
1 JOHNSON BOTTINI, LLP FRANK J. JOHNSON (174882) 2 frankj@johnsonbottini.com FRANCIS A. BOTTINI, JR. (175783) 3 frankb@johnsonbottini.com BRETT M. WEAVER (204715) 4 brettw@johnsonbottini.com 501 West Broadway, Suite 1720 5 San Diego, CA 92101 Telephone: (619) 230-0063 6 Facsimile: (619) 238-0622 7 ROBBINS UMEDA LLP MARC M. UMEDA (197847) 8 mumeda@robbinsumeda.com GEORGE C. AGUILAR (126535) 9 gaguilar@robbinsumeda.com ASHLEY R. PALMER (246602) 10 apalmer@robbinsumeda.com ARSHAN AMIRI (246874) 11 aamiri@robbinsumeda.com 600 B Street, Suite 1900 12 San Diego, CA 92101 Telephone: (619) 525-3990 13 Facsimile: (619) 525-3991 14 Co-Lead Counsel for Plaintiffs 15 16 UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA ) ) ) ) ) ) ) ) ) Case No. C 09-05731-RS Honorable Richard Seeborg STIPULATION AND [PROPOSED] ORDER REGARDING EXTENSION OF TIME FOR LEAD PLAINTIFFS TO FILE A CONSOLIDATED COMPLAINT 17 IN RE SUNPOWER CORPORATION SHAREHOLDER DERIVATIVE 18 LITIGATION 19 20 21 22 23 24 25 26 27 28 This Document Relates To: All Actions STIPULATION AND [PROPOSED] ORDER REGARDING EXTENSION OF TIME FOR LEAD PLAINTIFFS TO FILE A CONSOLIDATED COMPLAINT 1 WHEREAS, on November 16, 2009, SunPower Corporation ("SunPower") issued a press 2 release announcing an internal investigation by its audit committee; 3 WHEREAS, shortly after the announcement, David Clarke and Richard Logan separately 4 commenced derivative actions against SunPower's officers and directors, alleging, among other 5 things, breaches of fiduciary duties arising from alleged mismanagement and improper accounting 6 practices; 7 WHEREAS, by order dated January 4, 2010, this Court approved the parties' stipulation to 8 (a) consolidate the related derivative actions; and (b) appoint Clarke and Logan as Lead Plaintiffs 9 and their respective counsel as Co-Lead Counsel; 10 WHEREAS, by order dated April 12, 2010, the Court approved the parties' stipulation 11 setting June 28, 2010 as the deadline for Lead Plaintiffs to file a consolidated complaint; 12 WHEREAS, by letter dated February 1, 2010 ("Inspection Demand"), Clarke demanded 13 inspection of SunPower's books and records relating to, among other things, the accounting practices 14 at SunPower that led SunPower to restate its financial results and underlie the allegations in the 15 derivative actions filed by Logan and Clarke; 16 WHEREAS, Clarke filed a verified petition for a writ of mandate against SunPower under 17 the California Corporations Code in the Superior Court of the State of California, County of Santa 18 Clara ("California State Court"), on May 26, 2010, seeking to compel SunPower to comply with his 19 Inspection Demand ("Petition"); 20 WHEREAS, in response to Clarke's Petition, SunPower intends to file a demurer on or 21 before July 9, 2010; and 22 WHEREAS, the Lead Plaintiffs have requested an extension of time to file a consolidated 23 complaint until after the California State Court resolves, Clarke's Petition and SunPower has no 24 objection to that request. 25 NOW THEREFORE, IT IS STIPULATED AND AGREED by all parties, through their 26 respective counsel of record, as follows: 27 /// 28 1 STIPULATION AND [PROPOSED] ORDER REGARDING EXTENSION OF TIME FOR LEAD PLAINTIFFS TO FILE A CONSOLIDATED COMPLAINT 1 1. In the event that Clarke's Petition is denied in its entirety, Lead Plaintiffs shall file a 2 consolidated complaint within 30 days of the entry of the order denying the Petition; 3 2. In the event that Clarke's Petition is granted in whole or in part, all counsel of record 4 shall meet and confer in good faith, within five days of the entry of the order compelling production 5 of documents, to set a new deadline for Lead Plaintiffs to file a consolidated complaint; and 6 3. Within five days of completing their efforts to meet and confer, the parties shall 7 submit to the Court for approval a revised deadline for Lead Plaintiffs to file a consolidated 8 complaint. 9 DATED: June 28, 2010 10 11 12 13 14 15 16 17 DATED: June 28, 2010 18 19 20 21 22 23 24 25 26 27 28 2 STIPULATION AND [PROPOSED] ORDER REGARDING EXTENSION OF TIME FOR LEAD PLAINTIFFS TO FILE A CONSOLIDATED COMPLAINT JOHNSON BOTTINI, LLP FRANK J. JOHNSON FRANCIS A. BOTTINI, JR. BRETT M. WEAVER s/ Francis A. Bottini, Jr. FRANCIS A. BOTTINI, JR. 501 West Broadway, Suite 1720 San Diego, CA 92101 Telephone: (619) 230-0063 Facsimile: (619) 238-0622 Co-Lead Counsel for Plaintiffs ROBBINS UMEDA LLP MARC M. UMEDA GEORGE C. AGUILAR ASHLEY R. PALMER ARSHAN AMIRI s/ Marc M. Umeda MARC M. UMEDA 600 B Street, Suite 1900 San Diego, CA 92101 Telephone: (619) 525-3990 Facsimile: (619) 525-3991 Co-Lead Counsel for Plaintiffs 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 DATED: June 28, 2010 MORRISON & FOERSTER LLP JORDAN ETH JUDSON E. LOBDELL s/ Jordan Eth JORDAN ETH 425 Market Street San Francisco, CA 94105-2482 Telephone: (415) 268-7000 Facsimile: (415) 268-7522 Counsel for Defendants CERTIFICATION UNDER GENERAL ORDER NO. 45 I, Francis A. Bottini, Jr., am the ECF User whose ID and password are being used to file this Stipulation and [Proposed] Order Regarding Extension of Time for Lead Plaintiffs to File a Consolidated Complaint. In compliance with General Order No. 45, X.B., I attest that Marc M. Umeda and Jordan Eth have concurred in this filing. DATED: June 28, 2010 s/ Francis A. Bottini, Jr. FRANCIS A. BOTTINI, JR. *** [PROPOSED] ORDER PURSUANT TO STIPULATION, IT IS SO ORDERED. June 29 DATED: ___________, 2010 RICHARD SEEBORG UNITED STATES DISTRICT JUDGE 3 STIPULATION AND [PROPOSED] ORDER REGARDING EXTENSION OF TIME FOR LEAD PLAINTIFFS TO FILE A CONSOLIDATED COMPLAINT

Disclaimer: Justia Dockets & Filings provides public litigation records from the federal appellate and district courts. These filings and docket sheets should not be considered findings of fact or liability, nor do they necessarily reflect the view of Justia.


Why Is My Information Online?