Oklahoma Police Pension & Retirement System v. Magnachip Semiconductor Corporation et al

Filing 34

STIPULATION AND ORDER re 31 STIPULATION WITH PROPOSED ORDER Extending Underwriter Defendants' and Avenue Capital's Time to Respond to Class Action Complaint filed by Oklahoma Police Pension & Retirement System. Signed by Judge Jon S. Tigar on June 3, 2015. (wsn, COURT STAFF) (Filed on 6/3/2015)

1 ROBBINS GELLER RUDMAN
& DOWD LLP
2 SHAWN A. WILLIAMS (213113)
Post Montgomery Center
3 One Montgomery Street, Suite 1800
San Francisco, CA 94104
4 Telephone: [phone]
415/288-4534 (fax)
5 [e-mail]
– and –
6 SAMUEL H. RUDMAN
MARY K. BLASY (211262)
7 58 South Service Road, Suite 200
Melville, NY 11747
8 Telephone: [phone]
631/367-1173 (fax)
9 [e-mail]
[e-mail]
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Attorneys for Plaintiff
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[Additional counsel appear on signature page.]
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UNITED STATES DISTRICT COURT
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NORTHERN DISTRICT OF CALIFORNIA
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OKLAHOMA POLICE PENSION &
) Case No. 3:15-cv-01797-JST
15 RETIREMENT SYSTEM, Individually and on )
Behalf of All Others Similarly Situated,
) CLASS ACTION
16
)
Plaintiff,
) STIPULATION AND [PROPOSED] ORDER
17
) EXTENDING UNDERWRITER
vs.
) DEFENDANTS’ AND AVENUE
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) CAPITAL’S TIME TO RESPOND TO
MAGNACHIP SEMICONDUCTOR
) CLASS ACTION COMPLAINT
19 CORPORATION, et al.,
)
)
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Defendants.
)
)
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1033565_1

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WHEREAS, Plaintiff Oklahoma Police Pension & Retirement System commenced the

2 above-captioned action by filing a purported class action Complaint for Violation of the Federal
3 Securities Laws (the “Complaint”) against MagnaChip Semiconductor Corporation, Sang Park, Tae
4 Young Hwang, Margaret Sakai, R. Douglas Norby, Ilbok Lee, Nader Tavakoli, Randal Klein,
5 Michael Elkins, Avenue Capital Management II, L.P., Barclays Capital Inc., Citigroup Global
6 Markets Inc., Deutsche Bank Securities Inc., Needham & Company, LLC and UBS Securities LLC
7 (collectively, “Defendants”) on April 21, 2015.
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WHEREAS, the deadline for filing a response to the Complaint for Defendants Barclays

9 Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Needham & Company,
10 LLC and UBS Securities LLC (collectively, the “Underwriter Defendants”) is June 4, 2015.
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WHEREAS, the deadline for filing a response to the Complaint for Defendant Avenue

12 Capital Management II, L.P. (“Avenue Capital”) is June 4, 2015.
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WHEREAS, on May 4, 2015, this Court entered a Related Case Order finding that the above-

14 captioned action is related to Thomas, et al. v. Magnachip Semiconductor Corp., et al., No. 3:14-cv15 1160-JST (the “Thomas Action”), which is also pending before this Court. Dkt. No. 80 (Thomas
16 Action).
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WHEREAS, a motion to consolidate the above-captioned action with the Thomas Action has

18 been filed and will be heard by this Court on June 11, 2015 at 2:00 p.m. Dkt. Nos. 78, 81 (Thomas
19 Action).
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WHEREAS, in the Thomas Action, the Court extended the Thomas Action defendants’ time

21 to respond to the operative complaint pending resolution of the motion to consolidate. See Dkt. No.
22 85 (Thomas Action).
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WHEREAS, pursuant to the Private Securities Litigation Reform Act of 1995 (“PSLRA”), 15

24 U.S.C. §78u-4(a)(3)(A)(i)(II), motions for appointment of lead plaintiff in Case No. 3:15-cv-0179725 JST are due on June 22, 2015.
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WHEREAS, following resolution of the motion to consolidate and the appointment of a lead

27 plaintiff for this action, filing of a consolidated or amended complaint may be permitted or required.
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1033565_1

STIPULATION AND [PROPOSED] ORDER EXTENDING UNDERWRITER DEFENDANTS’ AND
AVENUE CAPITAL’S TIME TO RESPOND TO CLASS ACTION COMPLAINT - 3:15-cv-01797-JST

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WHEREAS, plaintiff, the Underwriter Defendants, and Avenue Capital have agreed that the

2 Underwriter Defendants and Avenue Capital should not be required to answer or otherwise respond
3 to the Complaint until resolution of the motion to consolidate cases (Dkt. No. 78 (Thomas Action))
4 and motions for appointment of lead plaintiff under the PSLRA, and the filing of any amended or
5 consolidated complaint that may be required or permitted by the Court.
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WHEREAS, the parties have not previously requested an extension of time in the above-

7 captioned matter.
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NOW, THEREFORE, it is hereby stipulated and agreed by the undersigned counsel as

9 follows:
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1.

The Underwriter Defendants and Avenue Capital shall not be required to answer or

11 otherwise respond to the Complaint until resolution of the motion to consolidate cases in the Thomas
12 Action (Dkt. No. 78) and resolution of all motions for appointment of lead plaintiff, in Case No.
13 3:15-cv-01797-JST that are filed on or before June 22, 2015. The Underwriter Defendants’ and
14 Avenue Capital’s time for responding to the Complaint, or any amended or consolidated complaint
15 required or permitted by the Court, shall be set when the Court rules on the foregoing motions.
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2.

Agreement to this Stipulation by the Underwriter Defendants and Avenue Capital

17 does not constitute a general appearance by any of the Underwriter Defendants or Avenue Capital
18 and is without prejudice to and without waiver of any of the Underwriter Defendants’ or Avenue
19 Capital’s defenses, objections or arguments in this matter or any other matter.
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21 DATED: June 2, 2015

Respectfully submitted,

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ROBBINS GELLER RUDMAN
& DOWD LLP
SHAWN A. WILLIAMS

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s/SHAWN A. WILLIAMS
SHAWN A. WILLIAMS

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STIPULATION AND [PROPOSED] ORDER EXTENDING UNDERWRITER DEFENDANTS’ AND
AVENUE CAPITAL’S TIME TO RESPOND TO CLASS ACTION COMPLAINT - 3:15-cv-01797-JST

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Post Montgomery Center
One Montgomery Street, Suite 1800
San Francisco, CA 94104
Telephone: [phone]
415/288-4534 (fax)

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ROBBINS GELLER RUDMAN
& DOWD LLP
SAMUEL H. RUDMAN
MARY K. BLASY
58 South Service Road, Suite 200
Melville, NY 11747
Telephone: [phone]
631/367-1173 (fax)

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ROBBINS GELLER RUDMAN
& DOWD LLP
DAVID C. WALTON
DANIELLE S. MYERS
655 West Broadway, Suite 1900
San Diego, CA 92101
Telephone: [phone]
619/231-7423 (fax)

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Attorneys for Plaintiff
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DATED: June 2, 2015

LATHAM & WATKINS LLP
PATRICK E. GIBBS (Bar No. 183174)

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s/PATRICK E. GIBBS (w/permission)
PATRICK E. GIBBS
140 Scott Drive
Menlo Park, CA 94025
Telephone: [phone]
650/463-2600 (fax)
[e-mail]
LATHAM & WATKINS LLP
JAMES E. BRANDT (pro hac vice pending)
JASON C. HEGT (pro hac vice pending)
885 Third Avenue, Suite 1000
New York, NY 10022
Telephone: [phone]
212/751-4864 (fax)
[e-mail]
[e-mail]

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STIPULATION AND [PROPOSED] ORDER EXTENDING UNDERWRITER DEFENDANTS’ AND
AVENUE CAPITAL’S TIME TO RESPOND TO CLASS ACTION COMPLAINT - 3:15-cv-01797-JST

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Attorneys for Defendants Barclays Capital Inc.,
Citigroup Global Markets Inc., Deutsche Bank
Securities Inc., Needham & Company, LLC, and
UBS Securities LLC

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DATED: June 2, 2015

AKIN GUMP STRAUSS HAUER & FELD LLP
JOHN C. MURPHY (admitted pro hac vice)

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s/JOHN C. MURPHY (w/permission)
JOHN C. MURPHY

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One Bryant Park
New York, NY 10036
Telephone: [phone]
212/872-1002(fax)

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AKIN GUMP STRAUSS HAUER & FELD LLP
MICHAEL A. ASARO (admitted pro hac vice)
DOUGLASS B. MAYNARD (admitted pro hac
vice)
SYDNEY SPECTOR (admitted pro hac vice)
One Bryant Park
New York, NY 10036
Telephone: [phone]
212-872-1002 (fax)

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Attorneys for Defendant Avenue Capital
Management II, L.P.

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D

____________________________________
RDERE
IS SO O JON S. TIGAR
IT
THE HONORABLE
UNITED STATES DISTRICT JUDGE

A

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UNIT
ED

21 DATED: _________________________
June 3, 2015

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IT IS SO ORDERED.

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STIPULATION AND [PROPOSED] ORDER EXTENDING UNDERWRITER DEFENDANTS’ AND
AVENUE CAPITAL’S TIME TO RESPOND TO CLASS ACTION COMPLAINT - 3:15-cv-01797-JST

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Certificate Pursuant to Locl Rule 5-1(i)(3)
I, Shawn A. Williams, am the ECF User whose identification and password are being used to

3 file the Stipulation and [Proposed] Order Extending Underwriter Defendants’ and Avenue Capital’s
4 Time to Respond to Class Action Complaint. In compliance with Local Rule 5-1(i)(3), I hereby
5 attest that Patrick E. Gibbs and John C. Murphy have concurred in this filing.
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7 Dated: June 2, 2015
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s/SHAWN A. WILLIAMS
SHAWN A. WILLIAMS