Clevlen v. Anthera Pharmaceuticals, Inc. et al

Filing 14

STIPULATION AND ORDER RE 13 to Continue Initial CMC, reset related deadlines and extend defendants' time to answer or otherwise respond to the complaint. Signed by Judge Richard Seeborg on 3/9/17. (cl, COURT STAFF) (Filed on 3/10/2017)

Download PDF
1 2 3 4 5 6 7 Michael T. Jones (SBN 290660) mjones@goodwinlaw.com Lloyd Winawer (SBN 157823) lwinawer@goodwinlaw.com Nicholas A. Reider (SBN 296440) nreider@goodwinlaw.com GOODWIN PROCTER LLP 135 Commonwealth Drive Menlo Park, CA 94025-1105 Tel.: (650) 752-3100 Fax: (650) 853-1038 8 Attorneys for Defendants Anthera Pharmaceuticals, Inc., Paul F. Truex, Craig Thompson, May Liu, and William Shanahan 9 [Additional Counsel on Signature Page] 10 UNITED STATES DISTRICT COURT 11 NORTHERN DISTRICT OF CALIFORNIA 12 SAN FRANCISCO DIVISION 13 14 BRIAN CLEVLEN, individually and on behalf of all others similarly situated, Plaintiff, 15 16 17 18 19 v. ANTHERA PHARMACEUTICALS, INC., PAUL F. TRUEX, CRAIG THOMPSON, MAY LIU and WILLIAM SHANAHAN, Defendants. Case No.: 3:17-cv-00715-RS STIPULATION AND [PROPOSED] ORDER TO CONTINUE INITIAL CMC, RESET RELATED DEADLINES AND EXTEND DEFENDANTS’ TIME TO ANSWER OR OTHERWISE RESPOND TO THE COMPLAINT Judge: Hon. Richard Seeborg Courtroom: 3—17th Floor 20 21 22 23 24 25 26 27 28 STIP AND [PROPOSED] ORDER TO CONTINUE INITIAL CMC, RESET RELATED DEADLINES AND EXTEND DEFENDANTS’ TIME TO ANSWER OR OTHERWISE RESPOND TO THE COMPLAINT Case No.: 3:17-cv-00715-RS 1 Defendants Anthera Pharmaceuticals, Inc. (“Anthera”), Paul F. Truex, Craig Thompson, May 2 Liu, and William Shanahan (collectively, the “Defendants”) and Plaintiff Brian Clevlen, individually 3 and on behalf of all others similarly situated (“Plaintiff” and, together with Defendants, the 4 “Parties”), through their respective undersigned counsel, HEREBY STIPULATE AND AGREE AS 5 FOLLOWS: 6 WHEREAS, on February 13, 2017, Plaintiff initiated this action by filing a Class Action 7 Complaint for Violations of Federal Securities Laws (the “Complaint”) in the United States District 8 Court for the Northern District of California, purportedly brought on behalf of all persons who 9 purchased Anthera common stock between February 10, 2015 and December 27, 2016; 10 WHEREAS, the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) sets forth 11 mandatory, comprehensive, and specific procedures governing the selection of a lead plaintiff to 12 oversee class actions brought under the federal securities laws. See 15 U.S.C. §§ 78u-4, et seq. 13 WHEREAS, the PSLRA requires that notice of the commencement of an action be given to 14 permit other putative class members (who may seek to serve as lead plaintiff on behalf of the class) 15 the opportunity to file motions: (a) to be appointed lead plaintiff to oversee and direct the 16 prosecution of the action; and (b) to consolidate other complaints which may be filed arising from 17 the same nexus of operative facts. See 15 U.S.C. §§ 78u-4(a)(3)(A) & (B). Under the PSLRA, this 18 notice must be given within twenty (20) days after the filing of the securities fraud class action, and 19 prospective lead plaintiffs are given sixty (60) days from the publication of notice to move for 20 appointment as lead plaintiff. 15 U.S.C. § 78u-4(a)(3)(A)(i). Thereafter, the Court may rule upon 21 the competing motions, applying the statutory framework in 15 U.S.C. § 78u-4(a)(3)(B)(iii)(I). 22 23 24 25 26 WHEREAS, Plaintiff anticipates after the appointment of the lead plaintiff, lead plaintiff will file a consolidated amended complaint; WHEREAS, in effect, this action cannot be prosecuted against any defendant until this Court first selects a lead plaintiff and lead counsel to represent the putative class; WHEREAS, it would be more efficient to extend the time for Defendants to answer or 27 28 1 STIP AND [PROPOSED] ORDER TO CONTINUE INITIAL CMC, RESET RELATED DEADLINES AND EXTEND DEFENDANTS’ TIME TO ANSWER OR OTHERWISE RESPOND TO THE COMPLAINT Case No.: 3:17-cv-00715-RS 1 otherwise respond to the Complaint in the action until after the Court’s appointment of a lead 2 plaintiff and lead plaintiff’s designation of an operative complaint or filing of an amended 3 complaint; 4 WHEREAS, to avoid causing Plaintiff to incur the costs and delay associated with serving 5 Defendants Paul F. Truex, Craig Thompson, May Liu, and William Shanahan (collectively, the 6 “Individual Defendants”), counsel for Defendants has agreed to accept service of the Complaint on 7 the Individual Defendants’ behalf; 8 WHEREAS, the parties believe that, because the PSLRA stays all discovery, including initial 9 disclosures, pending the disposition of motions to dismiss in securities actions such as this one, it is 10 appropriate to defer the initial case management conference and the completion of initial disclosures 11 until the lead plaintiff has been appointed, the lead plaintiff’s selection of lead counsel has been 12 approved, the lead plaintiff has filed a consolidated amended complaint, Defendants have had the 13 opportunity to file any motion to dismiss, and the Court has ruled on Defendants’ anticipated motion 14 to dismiss. See, e.g., Medhekar v. United States Dist. Court, 99 F.3d 325, 328-29 (9th Cir. 1996) 15 (holding F.R.C.P. 26(a)’s initial disclosure requirements are disclosures or other proceedings for 16 purposes of PSLRA’s stay provision, and must be stayed pending disposition of motion to dismiss). 17 18 19 NOW THEREFORE, IT IS HEREBY STIPULATED AND AGREED, by and between the Parties, through their respective counsel of record, that: 1. Defendants need not answer, move or otherwise respond to the Complaint in this 20 action until a date to be set following the appointment of a lead plaintiff pursuant to 15 U.S.C. § 21 78u-4(a)(3)(B) and the filing by such lead plaintiff of an amended complaint. 22 2. The Initial Case Management Conference shall be held thirty (30) days after an 23 order directing Defendants to file an answer (if any), or as soon as possible thereafter consistent 24 with the Court’s schedule. 25 26 3. This Stipulation is entered into without prejudice to any party seeking any interim relief. 27 28 2 STIP AND [PROPOSED] ORDER TO CONTINUE INITIAL CMC, RESET RELATED DEADLINES AND EXTEND DEFENDANTS’ TIME TO ANSWER OR OTHERWISE RESPOND TO THE COMPLAINT Case No.: 3:17-cv-00715-RS 1 4. Nothing in this Stipulation shall be construed as a waiver of any of 2 Defendants’ rights or positions in law or equity, or as a waiver of any defenses that 3 Defendants would otherwise have, including, without limitation, jurisdictional defenses. 4 5. The Parties have not sought any other extensions of time in this action. 5 6. The Parties do not seek to reset these dates for the purpose of delay, and 6 the proposed new dates will not have an effect on any pre-trial and trial dates as the Court has yet 7 to schedule these dates. 8 WHEREFORE, the Parties respectfully request that this Court issue an order granting the 9 Parties’ request to reset the Initial Case Management Conference and related deadlines as set forth 10 11 herein. IT IS SO STIPULATED, THROUGH COUNSEL OF RECORD. 12 13 DATED: March 8, 2017 GOODWIN PROCTER LLP 14 15 /s/ Michael T. Jones 16 17 18 19 20 21 Michael T. Jones (SBN 290660) mjones@goodwinlaw.com Lloyd Winawer (SBN 157823) lwinawer@goodwinlaw.com Nicholas A. Reider (SBN 296440) nreider@goodwinlaw.com GOODWIN PROCTER LLP 135 Commonwealth Drive Menlo Park, CA 94025-1105 Tel.: (650) 752-3100 Fax: (650) 853-1038 22 23 24 Counsel for Defendants Anthera Pharmaceuticals, Inc., Paul F. Truex, Craig Thompson, May Liu, and William Shanahan 25 26 27 28 3 STIP AND [PROPOSED] ORDER TO CONTINUE INITIAL CMC, RESET RELATED DEADLINES AND EXTEND DEFENDANTS’ TIME TO ANSWER OR OTHERWISE RESPOND TO THE COMPLAINT Case No.: 3:17-cv-00715-RS 1 DATED: March 8, 2017 LEVI & KORSINSKY LLP 2 3 /s/ Rosemary M. Rivas 4 5 6 7 8 9 10 11 12 13 14 15 Rosemary M. Rivas 44 Montgomery Street, Suite 650 San Francisco, CA 94104 Tel.: (415) 291-2420 Fax: (415) 484-1294 Shannon L. Hopkins (to be admitted pro hac vice) shopkins@zlk.com Stephanie A. Bartone (to be admitted pro hac vice) sbartone@zlk.com 733 Summer Street, Suite 304 Stamford, CT 06901 Tel: (203) 992-4523 Fax: (212) 363-7171 Counsel for Plaintiffs Brian Clevlen, individually and on behalf of all others similarly situated 16 17 18 19 20 21 22 23 24 25 26 27 28 4 STIP AND [PROPOSED] ORDER TO CONTINUE INITIAL CMC, RESET RELATED DEADLINES AND EXTEND DEFENDANTS’ TIME TO ANSWER OR OTHERWISE RESPOND TO THE COMPLAINT Case No.: 3:17-cv-00715-RS 1 * * * 2 3 ORDER 4 5 PURSUANT TO STIPULATION, IT IS SO ORDERED. 6 7 8 9 9 DATED: March __, 2017 ____________________________________ THE HONORABLE RICHARD SEEBORG UNITED STATES DISTRICT JUDGE 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 5 STIP AND [PROPOSED] ORDER TO CONTINUE INITIAL CMC, RESET RELATED DEADLINES AND EXTEND DEFENDANTS’ TIME TO ANSWER OR OTHERWISE RESPOND TO THE COMPLAINT Case No.: 3:17-cv-00715-RS

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?