Rafton v. Rydex Series Funds et al

Filing 10

ORDER for extension of time and rescheduling CMC re 8 Stipulation, filed by Rydex Series Funds, Richard M. Goldman, Michael P. Byrum, Nick Bonos, Rydex Distributors, I c., Carl G. Verboncoeur, Padco Advisors Inc.. Signed by Judge Charles R. Breyer on 5/3/2010. (be, COURT STAFF) (Filed on 5/4/2010)

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DECHERT LLP
A T T O R N E Y S AT L A W SAN FRANCISCO

MATTHEW L. LARRABEE (No. 97147) [e-mail] DAVID A. KOTLER (pro hac vice pending) [e-mail] MURIEL M. KOROL (No. 261909) [e-mail] DECHERT LLP One Maritime Plaza, Suite 2300 San Francisco, California 94111-3513 Telephone: [phone] Facsimile: 415.262.4555 Counsel for Defendants RYDEX SERIES FUNDS; PADCO ADVISORS INC. d/b/a RYDEX INVESTMENTS, INC.; RYDEX DISTRIBUTORS, INC.; NICK BONOS; MICHAEL P. BYRUM; RICHARD M. GOLDMAN; and CARL G. VERBONCOEUR

CRAIG BRIDWELL (No. 246124) SCHIFF HARDIN LLP [e-mail] m One Market, Spear Street Tower Thirty-Second Floor San Francisco, CA 94105 Telephone: [phone] Facsimile: 415.901.8701

Counsel for Defendants JOHN O. DEMARET; COREY A. COLEHOUR; J. KENNETH DALTON; WERNER E. KELLER; THOMAS F. LYDON; PATRICK T. MCCARVILLE; and ROGER SOMERS

UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA SAN FRANCISCO DIVISION

JAMES RAFTON, TRUSTEE OF THE JAMES AND CYNTHIA RAFTON TRUST, Plaint iff, v. RYDEX SERIES FUNDS; PADCO ADVISORS INC. d/b/a RYDEX INVESTMENTS, INC.; RYDEX DISTRIBUTORS, INC.; RICHARD M. GOLDMAN; CARL G. VERBONCOEUR; JOHN O. DEMARET; NICK BONOS; MICHAEL P. BYRUM; COREY A. COLEHOUR; J. KENNETH DALTON; WERNER E. KELLER; THOMAS F. LYDON; PATRICK T. MCCARVILLE; ROGER SOMERS; and DOES 1 through 25, inclusive, Defendants.

Case No. 10cv1171 CRB Act ion filed: March 19, 2010 STIPULATION AND [PROPOSED] ORDER FOR EXTENSION OF TIME AND RESCHEDULING OF INITIAL CASE MANAGEMENT CONFERENCE (N.D. Cal. Civ. L.R. 6-2 and 7-12) Dept: Judge: Courtroom 8, 19th Floor Hon. Charles R. Breyer

STIP. RE EXT. OF TIME & INITIAL CASE MGM'T CONF.

10CV1171 CRB

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DECHERT LLP
A T T O R N E Y S AT L A W SAN FRANCISCO

WHEREAS, plaintiff, through his counsel, filed a purported class action complaint (the "Complaint"), against Rydex Series Funds, PADCO Advisors Inc. d/b/a Rydex Investments, Inc., Rydex Distributors, Inc., Michael P. Byrum, Richard M. Goldman, Carl G. Verboncoeur, John O. Demaret, Nick Bonos, Corey A. Colehour, J. Kenneth Dalton, Werner E. Keller, Thomas F. Lydon, Patrick T. McCarville, and Roger Somers (collectively, "Defendants") in the abovereferenced matter on or about March 19, 2010; WHEREAS, pursuant to the Case Management Conference Order, the Initial Case Management Conference is scheduled for June 25, 2010; WHEREAS, the Complaint asserts claims under the federal securities laws that are subject to the procedural requirements of the Private Securities Litigation Reform Act ("PSLRA") and Defendants presently intend to file motions to dismiss, which would trigger a stay of discovery under the PSLRA; WHEREAS, plaintiff and his counsel in this action have yet to file any motions for Appointment of Lead Plaintiff and Lead Counsel pursuant to the PSLRA, including Section 27 of the Securities Act of 1933, 15 U.S.C. § 77z-1; WHEREAS, in order to avoid the unnecessary expenditure of judicial resources or effort by the parties to this action and the Court prior to the filing of motion(s) for appointment as Lead Plaintiff, the parties to this action have agreed, in the interim prior to the appointment of Lead Plaintiff and subject to the Court's approval, to a continuance of the Initial Case Management Conference and an extension of time for Defendants to respond to the Complaint or any superseding Complaint; and WHEREAS, this Stipulation and Order is without prejudice to, or waiver of, any rights, arguments or defenses otherwise available to the parties to this action, including, but not limited to, any challenge to the assertion of personal jurisdiction over one or more of the Defendants and the right to revisit the timing of the below-referenced pleadings and motions once Lead Counsel is designated by the Court. NOW, THEREFORE, the undersigned parties, by and through their counsel of record,

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STIP. RE EXT. OF TIME & INITIAL CASE MGM'T CONF. 10CV1171 CRB

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DECHERT LLP
A T T O R N E Y S AT L A W SAN FRANCISCO

stipulate as follows: 1. Defendants shall have no obligation to respond to the individual Complaint filed in the above-captioned action; 2. Lead Plaintiff shall have forty five (45) days after entry of the order appointing Lead Plaintiff to file a consolidated amended complaint ("Consolidated Amended Complaint") or to notify Defendants that they shall be proceeding on the original complaint; 3. Defendants shall file and serve any answer(s) or motion(s) to dismiss within forty five (45) days of service of the Consolidated Amended Complaint or after notification by the Lead Plaintiff that they shall be proceeding on the original complaint; 4. Defendants agree to waive service of process to the extent that service has not been effected on all Defendants. This stipulation shall not be deemed to waive any defense other than as to sufficiency of service of process. 5. The Initial Case Management Conference, currently scheduled for June 25, 2010, shall be adjourned to a date to be re-scheduled by the Court, but which shall be no earlier than after Defendants have filed and served their initial responsive pleadings with respect to the Consolidated Amended Complaint.

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STIP. RE EXT. OF TIME & INITIAL CASE MGM'T CONF. 10CV1171 CRB

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DECHERT LLP
A T T O R N E Y S AT L A W SAN FRANCISCO

Dated: April 30, 2010

Respectfully submitted,

SPARER LAW GROUP ALAN W. SPARER MARC HABER JAMES S. NABWANGU

DECHERT LLP MATTHEW L. LARRABEE DAVID A. KOTLER MURIEL M. KOROL

By: MARC HABER 100 Pine Street, 33rd Floor San Francisco, CA 94111-5128 Telephone: [phone] Facsimile: 415-217-7307 [e-mail] Counsel for Named Plaintiff JAMES RAFTON

By:

/S/ MATTHEW L. LARRABEE One Maritime Plaza, Suite 2300 San Francisco, California 94111-3513 Telephone: [phone] Facsimile: 415.262.4555 [e-mail] Counsel for Defendants RYDEX SERIES FUNDS; PADCO ADVISORS INC. d/b/a RYDEX INVESTMENTS, INC.; RYDEX DISTRIBUTORS, INC.; NICK BONOS; MICHAEL P. BYRUM; RICHARD M. GOLDMAN; and CARL G. VERBONCOEUR

SCHIFF HARDIN LLP CRAIG BRIDWELL By: /S/ CRAIG BRIDWELL One Market, Spear Street Tower Thirty-Second Floor San Francisco, CA 94105 Telephone: [phone] Facsimile: 415.901.8701 Counsel for Defendants JOHN O. DEMARET; COREY A. COLEHOUR; J. KENNETH DALTON; WERNER E. KELLER; THOMAS F. LYDON; PATRICK T. MCCARVILLE; and ROGER SOMERS PURSUANT TO STIPULATION, IT IS SO ORDERED: DATED: __________________ _____________________________________ HONORABLE CHARLES R. BREYER

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STIP. RE EXT. OF TIME & INITIAL CASE MGM'T CONF. 10CV1171 CRB

May 3, 2010

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