Gupta v. Securities and Exchange Commission

Filing 27

JOINT STIPULATION OF DISMISSAL: NOW, IT IS STIPULATED AND AGREED, as follows: The SEC will not bring any administrative or cease-and-desist proceedings in the future against Mr. Gupta based on the factual allegations in the Order Instituting Proceedings. Any future action against Mr. Gupta based on the factual allegations in the Order Instituting Proceedings shall only be filed in the U.S. District Court for the Southern District of New York. Should the SEC file any such action, the SEC will designate it as related under Rule 13 of the Court's Rules for the Division of Business among District Judges to the other Galleon cases presently pending before the Honorable Jed S. Rakoff. Pursuant to Rule 41 (a)(l)(A)(ii) of the Federal Rules of Civil Procedure, this action is voluntarily dismissed without prejudice, and with each party to bear its own costs. (Signed by Judge Jed S. Rakoff on 8/6/2011) (jfe)

_.

• • 11,.

~-

';;.1';;

715 SOO(J

KRAMER LEVIN LLP:----------~---_ _~

-----------------------------------------------

UNITED STATES DISTRlCT COURT

FOR THE SOUTHERN DISTRlCT OF NEW YORK

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x

RAJAT K. GUPTA,

Plailltiff,

ll-cv-1900 (JSR)

v.

SECURlTfES AND EXCHANGE COMMISSION,
Defendant.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x
JOINT STIPULATION OF DISMISSAL

WHEREAS, on March 1, 2011, the Securities and Exchange Commission
("SEC") filed an administrative aDd cease-and-desist proceeding alleging violations of the
federal securities laws by Rajat K. Gupta ("Mr. Gupta"), In the Matter ofRajat K. Gupta, AP
File No. 3-14279 ( "the Administrative Proceeding") by issuing an Order Instituting Proceedings.
WHEREAS, on March 18, 2011, Mr. Gupta filed this action challenging the
institution ofthe Administrative Proceeding as violati ve onris constitutional rights; and
WHEREAS, the SEC dismissed the Administrative Proceeding by Order dated
August 4, 2011.

NOW, IT IS STIPULATED AND AGREED by and between the parties to titis
action, by their undersigned counsel, as follows:
1.

The SEC will not bring any administrative or cease-and-desist proceedings

in the future against Mr. Gupta based on the factual allegations in the Order Instituting
Proceedings.

05: 34 FAX 212 715 SOfl(!

KRAMER LEVIN LLP

--------------- ---------------------------------

2.

Any future action against Mr. Gupta based on the factUal allegations in the

Order Instituting Proceedings shall onJy be filed in the U.S. District Court for the Southern
District of New York. Should the SEC file any such action, the SEC will designate it as related
under Rule 13

of the Court's Rules fortbe Division of Business among District Judges to the

other Galleon cases presently pen.ding before the Honorable Jed S. Rakoff.
3.

Mr. Gupta will not assert in any future action brought against him by the

SEC in U.S. District Court based on the same factual allegations in the Order Instituting
Proceedings, or on appeal from a judgment of the District Court, that the SEC is precluded from
instituting such an action, or that he has a defense in such action, because of (i) the SEC's
institution of the Administrative Proceeding, (ii) the SEC's dismissal of the Administrative
Proceeding, or (iii) the parties' Agreement dated August 3,2011.
4.

Pursuant to Rule 41 (a)(l)(A)(ii) of the Federal Rules of Civil Procedure,

this action is voluntarily dismissed without prejudice, and with each party to bear its own costs.

Dated: New York, New York
August 5, 2011

KRAMER LEVIN NAFTALIS & FRANKEL LLP

SECURITIES AND EXCHANGE COMMISSION

By: ________________________

By:

({:;.Lr flt- l~ ~
Richard M. Humes
Christopher M Brockmann

Gary P. Naftalis
Michael S. Oberman
Alan R. Friedman

100 F. Street, N.E.
Washington, D.C. 20549
[phone] (Humes)
[phone] (Bruckmann)

David S. Frankel
Robin M. Wilcox
1177 Avenue ofthe .Americas
New York, New York 10036
[phone]

Attorneys for Defimdanl
Se.curities and Exchange Commission

Attorneys for PlalntDfRaja! K Gupca

-2­

@003

08.'05.'11

.

05:34 FA". ."I" - ­ 8000
.
. . . 110

KRAMER LEVIN LLP

----- ---------.. ------ --­ -- - - ----- --- --- - - --­

2.

AIrY .future action against Mr. Gupta based on the factual allegations in the

Order Instituting Proceedings sball only be filed in the U.S. District Court for the Southern
District of New York. Should the SEC file any such. action, the SEC will designate it as related
under Rule 13 of tbe Coutt' g Rules fur the Division of Business among District Judges to the
other Galleon cases presently pending before the Honorable Jed S. RakofE
3.

Mr. Gupta will not assert in any future action brought against him by the

SEC inU.8. District CoUrt based on the same factual allegations in the Order fustituting
Proceedings, or on appeal from s. judgment of the District Court, that the SEC is precluded from

instituting such an .action, or that he has a defense in such action, because of (i) the SEC's
institution ofthe Adminis:ttative Proceeding. (li) the SEC's diStDisSal ofthe Admin:istrativc
Proceeding, or (Ui) the parties' Agreement dated August 3,201 L
4.

Pursuant to Rule 41(a)(1)CAXi.t) ofthe Federal Rules of Civil Procedure,

this action is voluntarily dismissed without prejudice, and with each party to bear its own costs.

Dated! New York, New York
August 5, 2011
KRAMER LEVIN' NAFTALlS & FRANKEL LLP

BY-b.N~~~
Michael S. Oben:nan
Alan R. Friedman
David S. Frankel
Robin M. Wilcox
11 n Avenue ofthe Americas

New York, New York 10036
[phone]

Attorneys/or Plafntfjf.RajaJ K Gupta

By. __

~

________________________

Richard M. Humes
Christopher M. Bruclanann
100 F. Street, N.E.
Washington, D.C. 20549
[phone] (Humes)
(202) 551·5104 (Brockmann)
Attorneys for Deftndant
Securities and .Exchange Commission