Shenwick v. Twitter, Inc. et al

Filing 14

STIPULATION AND ORDER re 7 STIPULATION WITH PROPOSED ORDER EXTENDING DEFENDANTS' RESPONSE DEADLINE AND VACATING INITIAL CASE MANAGEMENT CONFERENCE PENDING APPOINTMENT OF LEAD PLAINTIFF AND LEAD COUNSEL filed by Anthony Noto, Richard Costolo, Twitter, Inc. Signed by Judge Jon S. Tigar on October 21, 2016. (wsn, COURT STAFF) (Filed on 10/21/2016)

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JONATHAN K. YOUNGWOOD (pro hac vice pending)
[e-mail]
SIMPSON THACHER & BARTLETT LLP
425 Lexington Avenue
New York, New York 10017
Telephone: [phone]
Facsimile: [phone]
JAMES G. KREISSMAN (Bar No. 206740)
[e-mail]
SIMONA G. STRAUSS (Bar No. 203062)
[e-mail]
STEPHEN P. BLAKE (Bar No. 260069)
[e-mail]
SIMPSON THACHER & BARTLETT LLP
2475 Hanover Street
Palo Alto, California 94304
Telephone: [phone]
Facsimile: [phone]
Attorneys for Defendants
Twitter, Inc., Richard Costolo and Anthony Noto

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UNITED STATES DISTRICT COURT

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NORTHERN DISTRICT OF CALIFORNIA

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SAN FRANCISCO DIVISION

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DORIS SHENWICK, as Trustee for the DORIS
SHENWICK TRUST, Individually and on Behalf
of All Others Similarly Situated,
Plaintiff,

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v.
TWITTER, INC., RICHARD COSTOLO and
ANTHONY NOTO,

Case No.

03:16-CV-05314-JST

STIPULATION AND
[PROPOSED] ORDER
EXTENDING DEFENDANTS’
RESPONSE DEADLINE AND
VACATING INITIAL CASE
MANAGEMENT CONFERENCE
PENDING APPOINTMENT OF
LEAD PLAINTIFF AND LEAD
COUNSEL

Defendants.
[CIVIL L.R. 6-1, 6-2]
Judge: Jon S. Tigar
Courtroom 9 – 19th Floor

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STIP. & [PROPOSED] ORDER E XTENDING RESPONSE DEADLINE & VACATING CMC
CASE NO. 03:16-CV-05314-JST

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Pursuant to Civil Local Rules 6-1 and 6-2, all parties, through their undersigned counsel,

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hereby submit this Stipulation and [Proposed] Order deferring Defendants’ deadlines to respond

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to the complaint in this action and vacating the Initial Case Management Conference and

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attendant deadlines.
RECITALS

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A.

On September 16, 2016, Plaintiff Doris Shenwick, as Trustee for the Doris

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Shenwick Trust, filed the above-captioned class action complaint in this Court. The complaint

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alleges violations of the federal securities laws by Twitter, Inc. and two of its current or former

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officers.

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B.

Upon commencement of the action, an Initial Case Management Conference was

set for December 21, 2016, at 2:00 p.m.

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C.

Plaintiffs have not yet served any of the named defendants in this action.

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D.

This action is governed by the Private Securities Litigation Reform Act of 1995,

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15 U.S.C. § 78u-4 et seq. (the “Reform Act”). Among other things, discovery is automatically

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stayed pending resolution of any motion to dismiss.

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E.

No meaningful litigation activity is expected until after the Court appoints lead

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plaintiff and lead counsel, at which point a consolidated complaint is likely to be filed by the

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Court-appointed lead plaintiff and lead counsel. After an operative complaint is filed, Defendants

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anticipate filing motions to dismiss that complaint.

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F.

Counsel for the undersigned parties agree that deferring the response deadlines for

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all defendants until after the Court appoints a lead plaintiff and lead counsel pursuant to the

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Reform Act is prudent and will conserve party and judicial resources. The parties further agree

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that the Initial Case Management Conference should be vacated and that attendant deadlines and

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related ADR procedures should be deferred until the Initial Case Management Conference is

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reset.

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STIP. & [PROPOSED] ORDER E XTENDING RESPONSE DEADLINE & VACATING CMC
CASE NO. 03:16-CV-05314-JST

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STIPULATION

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NOW, THEREFORE, the undersigned hereby stipulate as follows:

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1.

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through counsel.

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2.

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The named defendants agree to accept service of the complaint in this action,

The named defendants shall have no obligation to respond to the complaint in this

action until after the Court appoints a lead plaintiff and lead counsel.

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3.

Counsel for Defendants will meet and confer with the Court-appointed lead

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counsel within fourteen days after the Court makes its appointment to discuss a schedule for the

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filing of any consolidated complaint and Defendants’ responses thereto. The parties will

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thereafter submit a schedule to the Court for its consideration.

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4.

The Initial Case Management Conference that is presently scheduled for

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December 21, 2016 is hereby vacated and shall be reset in connection with the setting of the

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briefing schedule on Defendants’ anticipated motions to dismiss. The related deadlines, including

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ADR requirements, shall be deferred until after an Initial Case Management Conference is reset.

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Dated: October 19, 2016

Dated: October 19, 2016

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ROBBINS GELLER RUDMAN & DOWD LLP

SIMPSON THACHER & BARTLETT LLP

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By:

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Attorneys for Plaintiff
Doris Shenwick, as Trustee for
the Doris Shenwick Trust

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/s/ Shawn A. Williams
By:

/s/ Simona G. Strauss

Attorneys for Defendants
Twitter, Inc., Richard Costolo and Anthony
Noto

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STIP. & [PROPOSED] ORDER E XTENDING RESPONSE DEADLINE & VACATING CMC
CASE NO. 03:16-CV-05314-JST

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[PROPOSED] ORDER
Pursuant to stipulation, it is SO ORDERED.

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______________________________
Hon. Jon S. Tigar
United States District Judge

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Dated: October ___, 2016

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STIP. & [PROPOSED] ORDER E XTENDING RESPONSE DEADLINE & VACATING CMC
CASE NO. 03:16-CV-05314-JST

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