Goldschein v. Avangrid, Inc.
- Jesse Furman
- 1:25-cv-00772
- U.S. District Court · Southern District of New York
- 3
In Goldschein v. Avangrid, Judge Furman set deadlines for lead-plaintiff motions and scheduled a conference in the securities class action.
Marc Goldschein, proposed class members who may seek appointment as lead plaintiff, plaintiff’s counsel, and any parties involved in related actions or motions to consolidate.
What happened
In Goldschein v. Avangrid, Inc., Marc Goldschein brought a proposed class action for former Avangrid public stockholders whose shares were exchanged in Iberdrola’s acquisition of Avangrid. The complaint alleges violations of federal securities laws concerning proxy statements and related liability.
The court said notice of the lawsuit was published on January 30, 2025. Members of the proposed class may move to become lead plaintiff by March 31; opposition is due April 10, and replies require the court’s permission. The court also scheduled an April 23 conference to consider lead-plaintiff, lead-counsel, and consolidation motions.
Judge Jesse M. Furman issued this case-management order without deciding whether the securities claims are valid. The order also requires plaintiff’s counsel to explain any differences if an amended complaint or related case is filed before a lead plaintiff is appointed.
The detailed version
- Goldschein v. Avangrid, Inc. · No. 1:25-cv-00772
- Jesse Furman
- Mar. 4, 2025
Background
Marc Goldschein filed a proposed class action individually and for former public stockholders of Avangrid, Inc. The proposed class consists of people who held Avangrid shares as of the August 19, 2024 record date for voting on Iberdrola, S.A.’s acquisition of Avangrid and whose shares were exchanged for consideration in that transaction. The complaint alleges violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 and Securities and Exchange Commission Rule 14a-9.
Notice and Deadlines
The Private Securities Litigation Reform Act requires notice of a securities class action to be published in a widely circulated national business publication or wire service. The notice must advise potential class members about the case, the claims, and the proposed class period. The Act allows a potential class member to seek appointment as lead plaintiff within 60 days after publication and requires the court to consider such motions within 90 days after publication.
Plaintiff’s counsel notified the court that the required notice was published on January 30, 2025. The court set March 31, 2025, as the deadline for motions to become lead plaintiff and April 10, 2025, as the deadline for oppositions. Replies may not be filed without the court’s prior permission.
Court’s Order
The court ordered that, unless it later directs otherwise, a conference will take place on April 23, 2025, at 1:00 p.m. in Courtroom 1105 of the Thurgood Marshall Courthouse in New York. The conference will address motions for appointment of a lead plaintiff and lead counsel, as well as any motions to consolidate related actions. The court may reschedule the conference or change it to a telephone conference.
If an amended complaint or related case is filed before a lead plaintiff is appointed, plaintiff’s counsel must, within one week, identify differences between the new allegations and the original complaint. This includes differences in the claims and proposed class periods. Counsel must also show cause why the court should not require a new publication of notice and establish a new deadline for lead-plaintiff motions.
This order sets procedures and deadlines for managing the proposed securities class action. It does not decide the merits of the alleged securities-law violations or appoint a lead plaintiff, lead counsel, or a consolidated case.
Read the full 3-page opinion on CourtListener, the free public archive maintained by the Free Law Project.