Jie v. Ligand Pharmaceuticals Incorporated et al

Filing 11

ORDER 3 Appointing John Traina as Lead Plaintiff and Appointing the Rosen Law Firm, P.A. as Lead Counsel for Lead Plaintiff and the Class. Signed by Judge Gonzalo P. Curiel on 3/29/17. (dlg)

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1 2 3 4 5 6 7 8 UNITED STATES DISTRICT COURT 9 SOUTHERN DISTRICT OF CALIFORNIA 10 11 12 BRENDAN TAN WEI JIE, Individually and on behalf of all others similarly situated, 13 14 15 16 17 18 Case No.: 3:16-cv-02832-GPC-MDD ORDER: Plaintiff, (1) APPOINTING JOHN TRAINA AS LEAD PLAINTIFF v. LIGAND PHARMACEUTICALS INCORPORATED, JOHN L. HIGGINS, and MATTHEW KORENBERG, AND (2) APPOINTING THE ROSEN LAW FIRM, P.A. AS LEAD COUNSEL FOR LEAD PLAINTIFF AND THE CLASS Defendants. 19 20 [ECF No. 3.] 21 22 Before the Court is John Traina’s (“Traina’s” or “Movant’s”) motion: (1) to 23 appoint Movant as Lead Plaintiff for all persons other than Defendants who purchased or 24 otherwise acquired the securities of Ligand Pharmaceuticals Incorporated (“Ligand” or 25 the “Company”) between November 9, 2015 and November 14, 2016, inclusive (the 26 “Class Period”), to recover damages caused by Defendants’ alleged violations of the 27 federal securities laws (the “Class”); and (2) to appoint The Rosen Law Firm, P.A. as 28 1 3:16-cv-02832-GPC-MDD 1 Lead Counsel for the Class. (Dkt. No. 3-2 at 2.)1 Defendants do not oppose the motion. 2 (Dkt. No. 10.) The Court finds the motion suitable for disposition without oral argument 3 pursuant to Civil Local Rule 7.1(d)(1). Upon review of the moving papers and applicable 4 law, and for the reasons set below, the Court GRANTS Movant’s unopposed motion. 5 WHEREAS, the above-captioned securities class action has been filed against 6 Ligand Pharmaceuticals Incorporated, et al. (collectively, “Defendants”), alleging claims 7 under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 8 promulgated thereunder; 9 WHEREAS, pursuant to the Private Securities Litigation Reform Act of 1995 10 (“PSLRA”), 15 U.S.C. § 78u-4(a)(3)(A)(i), on November 17, 2016, Plaintiff in the 11 above-captioned action caused notice to be issued to potential class members of the 12 action and informed them of their right to move to serve as Lead Plaintiff within 60 days 13 of the date of the issuance of said notice; WHEREAS, on January 17, 2017, John Traina (“Movant”) timely moved the Court 14 15 for appointment as lead plaintiff and to approve his selection of counsel; 16 WHEREAS, the PSLRA, provides, inter alia, that the most-adequate plaintiff to 17 serve as Lead Plaintiff is the person or group of persons that has either filed a complaint 18 or has made a motion in response to a notice, and has the largest financial interest in the 19 relief sought by the Class and satisfies the pertinent requirements of Fed. R. Civ. P. 23; 20 WHEREAS, 15 U.S.C. § 78u-4(a)(3)(B) provides, inter alia, that as soon as 21 practicable after the decision on consolidation is rendered, the Court shall appoint the 22 most adequate plaintiff as Lead Plaintiff for the consolidated actions; 23 WHEREAS, the Court finding that Movant has the largest financial interest in this 24 action and prima facie satisfies the typicality and adequacy requirements of Fed. R. Civ. 25 P. 23. See 15 U.S.C. § 78u-4(a)(3)(B)(iii)(I); 26 27 28 1 All citations to the record refer to the pagination generated by the CM/ECF system. 2 3:16-cv-02832-GPC-MDD 1 IT IS HEREBY ORDERED THAT: 2 1. 3 Movant is appointed as Lead Plaintiff of the Class, as Movant has the largest financial 4 interest in this litigation and otherwise satisfies the requirements of Fed. R. Civ. P. 23. 5 2. 6 P.A. is appointed as Lead Counsel. 7 3. 8 this litigation. Lead Counsel is to avoid duplicative or unproductive activities and is 9 hereby vested by the Court with the responsibilities that include, without limitation, the Pursuant to Section 21D(a)(3)(B) of the Exchange Act, 15 U.S.C. §78u-4(a)(3)(B), Movant’s choice of counsel is approved, and accordingly, The Rosen Law Firm, Lead Counsel, after being appointed by the Court, shall manage the prosecution of 10 following: (1) to prepare all pleadings; (2) to direct and coordinate the briefing and 11 arguing of motions in accordance with the schedules set by the orders and rules of this 12 Court; (3) to initiate and direct discovery; (4) prepare the case for trial; and (5) to engage 13 in settlement negotiations on behalf of Lead Plaintiff and the Class. 14 15 IT IS SO ORDERED. Dated: March 29, 2017 16 17 18 19 20 21 22 23 24 25 26 27 28 3 3:16-cv-02832-GPC-MDD

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