Stadnicki v. LaPlanche et al

Filing 21

ORDER GRANTING 20 Stipulation to Extend Time to Respond filed by John C Morris, John J Mack, Scott Sanborn, LendingClub Corporation, Lawrence H. Summers, Carrie L Dolan, Simon Williams, Jeffrey Crowe, Daniel T. Ciporin, Mary Meeker, Rebecca Lynn. Signed by Chief Magistrate Judge Joseph C. Spero on 7/21/16. (klhS, COURT STAFF) (Filed on 7/21/2016)

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LAW
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ATTO RNEY S

F ENWICK & W ES T LLP

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KEVIN P. MUCK (CSB No. 120918)
[e-mail]
SEBASTIAN E. KAPLAN (CSB No. 248206)
[e-mail]
DIANA CHANG (CSB No. 287624)
[e-mail]
FENWICK & WEST LLP
555 California Street, 12th Floor
San Francisco, CA 94104
Telephone:
415.875.2300
Facsimile:
415.281.1350
JAY L. POMERANTZ (CSB No. 209869)
[e-mail]
CARLY BITTMAN (CSB No. 305513)
[e-mail]
FENWICK & WEST LLP
Silicon Valley Center
801 California Street
Mountain View, CA 94041
Telephone:
650.988.8500
Facsimile:
650.938.5200
Attorneys for Defendants
UNITED STATES DISTRICT COURT

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NORTHERN DISTRICT OF CALIFORNIA

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BART STADNICKI, Derivatively and on
Behalf of Nominal Defendant LENDINGCLUB
CORPORATION,
Plaintiff,
v.

Case No. 16-CV-3072-JCS
STIPULATION TO EXTEND TIME TO
RESPOND
(Civil L.R. 6-1(a))

RENAUD LAPLANCHE, et al.,
Defendants,
- and -

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LENDINGCLUB CORPORATION, a
Delaware corporation,

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Nominal Defendant.

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STIP. TO EXTEND TIME TO RESPOND

Case No. 16-CV-3072-JCS

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WHEREAS, on May 16, 2016 and May 18, 2016, respectively, two putative class action

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complaints were filed in this Court against LendingClub Corporation (“LendingClub”), Renaud

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Laplanche and Carrie L. Dolan: Evellard v. LendingClub, et al., 16-CV-2627-WHA, and Wertz v.

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LendingClub, et al., 16-CV-2670-WHA (together, the “Class Actions”);

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WHEREAS, on June 6, 2016, plaintiff in the above-captioned action (“Plaintiff”) filed a

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putative derivative action (“Derivative Action”) against defendants Renaud Laplanche, Carrie L.

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Dolan, Scott Sanborn, Daniel T. Ciporin, Jeffrey Crowe, Rebecca Lynn, John J. Mack, Mary

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Meeker, John C. Morris, Lawrence H. Summers, Simon Williams, and Nominal Defendant

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LendingClub (collectively, “Defendants,” and with Plaintiff, the “Parties”);

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WHEREAS, on July 14, 2016, the parties in the Class Actions and Derivative Action

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entered into a Stipulation and [Proposed] Order to Relate Cases based on their belief that these

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ATTO RNEY S

F ENWICK & W ES T LLP

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actions are “related cases” within the meaning of Civil Local Rule 3-12;

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WHEREAS, the current deadline for defendants Carrie L. Dolan, Scott Sanborn, Daniel T.

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Ciporin, Jeffrey Crowe, Rebecca Lynn, John J. Mack, Mary Meeker, John C. Morris, Lawrence

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H. Summers, Simon Williams, and Nominal Defendant LendingClub to move, answer or

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otherwise respond to the complaint in the Derivative Action is August 12, 2016;

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WHEREAS, the current deadline for defendant Renaud Laplanche to move, answer or
otherwise respond to the complaint in the Derivative Action is August 15, 2016;
WHEREAS, a hearing on motions to be appointed lead plaintiff in the related Class
Actions has been set for August 15, 2016;
WHEREAS, it is anticipated that the party appointed lead plaintiff in the related Class
Actions will file a consolidated complaint pursuant to a schedule set by the Court;
WHEREAS, Plaintiff has agreed that no later than 30 days after the filing of the

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consolidated complaint in the related Class Actions, he will either file an amended derivative

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complaint or notify Defendants of his intention to proceed with the existing complaint; and

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WHEREAS, the Parties have agreed that (a) no later than 30 days after Plaintiff has either

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filed an amended derivative complaint or notified Defendants of his intention to proceed with the

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existing complaint, LendingClub will file a motion to dismiss the Derivative Action for failure to
STIP. TO EXTEND TIME TO RESPOND

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Case No. 16-CV-3072-JCS

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allege demand futility (“Demand Futility Motion”), and (b) none of the Defendants need to

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respond to the operative complaint pending resolution of the Demand Futility Motion.

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IT IS ACCORDINGLY STIPULATED, pursuant to Civil L.R. 6-1(a), by and between the
undersigned counsel for the parties, that:
1. No later than 30 days after the filing of the consolidated complaint in the related Class

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Actions, Plaintiff will either file an amended derivative complaint or notify

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Defendants of his intention to proceed with the existing complaint;

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2. No later than 30 days after Plaintiff has either filed an amended derivative complaint
or notified Defendants of his intention to proceed with the existing complaint,
LendingClub will file a motion to dismiss the Derivative Action for failure to allege

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demand futility (“Demand Futility Motion”); and

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3. None of the Defendants need to respond to the operative complaint pending resolution
of the Demand Futility Motion.
Dated: July 20, 2016

JOHNSON & WEAVER, LLP

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By

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/s/ Frank J. Johnson
Frank J. Johnson

Attorneys for Plaintiff Bart Stadnicki

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FENWICK & WEST LLP

Dated: July 20, 2016

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By

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Spero

LI

ER

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seph C.

Judge Jo

RT

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Dated: 7/21/16

NO

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TED
GRAN

Attorneys for Nominal Defendant
LendingClub Corporation and Defendants Carrie
L. Dolan, Scott Sanborn, Daniel T. Ciporin,
Jeffrey Crowe, Rebecca Lynn, John J. Mack,
Mary Meeker, John C. Morris, Lawrence H.
Summers and Simon Williams

R NIA

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/s/ Jay L. Pomerantz
Jay L. Pomerantz

FO

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S DISTRICT
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UNIT
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STIP. TO EXTEND TIME TO RESPOND

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Case No. 16-CV-3072-JCS

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Dated: July 20, 2016

MILBANK, TWEED, HADLEY & MCCLOY
LLP

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By

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/s/ Robert Liubicic
Robert Liubicic

Attorneys for Defendant Renaud Laplanche

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ATTESTATION (CIVIL LOCAL RULE 5-1(i)(3))

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In accordance with Civil Local Rule 5-1(i)(3), I attest that concurrence in the filing of this
document has been obtained from the signatory.

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ATTO RNEY S

F ENWICK & W ES T LLP

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Dated: July 20, 2016

/s/ Jay L. Pomerantz
Jay L. Pomerantz

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STIP. TO EXTEND TIME TO RESPOND

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Case No. 16-CV-3072-JCS