Wilson v. Finisar Corporation et al

Filing 14

ORDER RELATING CASE; SETTING CASE MANAGEMENT CONFERENCE. Accordingly, the Clerk of Court shall immediately relate Derchi-Russo v. Finisar Corporation, et al., Case No. CV 11-1252 EJD to Wilson v. Finisar Corporation, et al., Case No. CV 11-1278 CW an d Wade v. Finisar Corporation, et al., Case No. CV 11-1635 PJH. The parties in all three cases shall appear for a Case Management Conference on June 15, 2011 at 9 a.m. On or before June 6, 2011, the parties shall file a Joint Case Management Statement. The Statement shall address whether the cases should be consolidated and if so, a schedule for nomination of Lead Plaintiff and Lead Counsel. Signed by Judge Edward J. Davila on 5/4/2011. (ecg, COURT STAFF) (Filed on 5/4/2011)

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1 2 3 4 5 6 7 8 IN THE UNITED STATES DISTRICT COURT 9 FOR THE NORTHERN DISTRICT OF CALIFORNIA United States District Court For the Northern District of California 10 11 MARTIN DERCHI RUSSO, Plaintiff, 12 v. 13 14 No. CV 11-1252 EJD No. CV 11-1278 CW No. CV 11-1365 PJH ORDER GRANTING MOTION TO RELATE CASES; SETTING CASE MANAGEMENT CONFERENCE FINISAR CORPORATION, et al. Defendant. 15 / 16 Presently before the Court is Defendants Finisar Corporation, Jerry S. Rawls, Eitan Gertel 17 18 and Kurt Adzema’s (collectively, “Defendants”) unopposed Administrative Motion to 19 Consider Whether Cases Should be Related. (Hereafter, “Motion,” CV 11-1252 EJD, Docket Item 20 No. 12.) Defendants seek the Court’s determination as to whether Wilson v. Finisar Corporation, et 21 al., Case No. CV 11-1278 CW and Wade v. Finisar Corporation, et al., Case No. CV 11-1635 PJH, 22 should be related to this action, Derchi-Russo v. Finisar Corporation, et al., Case No. CV 11-1252 23 EJD. Defendants contend that all three cases assert nearly identical claims against the same 24 defendants, based on the same statements allegedly made between the same dates. Further, in each 25 case, the claims are asserted on behalf of an almost identical alleged plaintiff classes of securities 26 purchasers. (Motion at 1.) 27 /// 28 /// 1 Civil Local Rule 3-12(a) provides: 2 An action is related to another action when: 3 (1) The action concerns substantially the same parties, property, transaction or event; and 4 (2) It appears likely that there will be an unduly burdensome duplication of labor and expense or conflicting results if the cases are conducted before different judges. 5 6 7 Here, the Court finds the three actions involve an overlapping class of Plaintiffs that 9 purchased or otherwise acquired Finisar securities between December 1, 2010 and March 8, 2011 10 United States District Court For the Northern District of California 8 and were allegedly mislead by the same statements regarding Finisar.1 Plaintiffs allege in all three 11 cases that Defendants’ made false and/or misleading statements and failed to disclose material 12 adverse facts about Finisar’s business, operations, and prospects . (See id.) All three cases allege 13 similar causes of action, and thus involve the same issues of law relating to Sections 10(b) and 20(a) 14 of the Securities Exchange Act of 1934. (Id.) The Court also finds that the three actions pose a 15 substantial risk of inconsistent judgments. In light of the substantial similarity of parties and events, 16 the Court finds that there is a risk of “an unduly burdensome duplication of labor and expense or 17 conflicting results if the cases are conducted before different judges.” Thus, the Court finds that the 18 cases are related within the meaning of Rule 3-12(a). Accordingly, the Clerk of Court shall immediately relate Derchi-Russo v. Finisar 19 20 Corporation, et al., Case No. CV 11-1252 EJD to Wilson v. Finisar Corporation, et al., Case No. CV 21 11-1278 CW and Wade v. Finisar Corporation, et al., Case No. CV 11-1635 PJH. 22 /// 23 /// 24 /// 25 26 27 28 1 (Compare Class Action Complaint, CV 11-1252 EJD, Docket Item No. 1 with Class Action Complaint, CV 111278 CW, Docket Item No. 1 and Class Action Complaint, CV 11-1635 PJH, Docket Item No. 1.) 2 1 The parties in all three cases shall appear for a Case Management Conference on June 15, 2 2011 at 9 a.m. On or before June 6, 2011, the parties shall file a Joint Case Management 3 Statement. The Statement shall address whether the cases should be consolidated and if so, a 4 schedule for nomination of Lead Plaintiff and Lead Counsel. 5 6 IT IS SO ORDERED. 7 8 Dated: May 4, 2011 Edward J. Davila UNITED STATES DISTRICT JUDGE 9 United States District Court For the Northern District of California 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 3

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