City of Hollywood Firefighters' Pension Fund v. Inspire Medical Systems, Inc.
- Nancy Brasel
- 0:23-cv-03884
- U.S. District Court · District of Minnesota
- 3
In City of Hollywood Firefighters’ Pension Fund v. Inspire Medical Systems, Inc., Judge Foster granted the motion, appointing Hollywood Fire as lead plaintiff and approving its lawyers.
City of Hollywood Firefighters’ Pension Fund was appointed lead plaintiff, and Saxena White P.A. and Lockridge Grindal Nauen P.L.L.P. were approved as lead and local counsel for the proposed class. The order concerns the management of the case and does not resolve the underlying securities claims.
What happened
City of Hollywood Firefighters’ Pension Fund v. Inspire Medical Systems, Inc. is a proposed securities class action. The pension fund asked to be appointed lead plaintiff and to have its chosen law firms approved as class counsel. The defendants took no position on the request.
The court found that the pension fund met the requirements of the Private Securities Litigation Reform Act. It had timely filed its motion, reported alleged losses of $363,475.14, and showed that its claims were typical of the proposed class. The court also found that it could adequately represent the class and that its selected firms were qualified.
Judge Dulce J. Foster granted the motion. The court appointed City of Hollywood Firefighters’ Pension Fund as lead plaintiff and approved Saxena White P.A. as lead counsel and Lockridge Grindal Nauen P.L.L.P. as local counsel.
The detailed version
- City of Hollywood Firefighters' Pension Fund v. Inspire Medical Systems, Inc. · No. 0:23-cv-03884
- Nancy Brasel
- Feb. 21, 2024
Background
The court considered City of Hollywood Firefighters’ Pension Fund’s motion for appointment as lead plaintiff and approval of its selection of counsel under the Private Securities Litigation Reform Act. The defendants took no position on the motion.
Lead-plaintiff analysis
The Act generally requires the court to appoint the class member most capable of adequately representing the class. It creates a rebuttable presumption that the most adequate plaintiff is the member who timely files the complaint or moves for appointment, has the largest financial interest in the requested relief, and otherwise meets the requirements for class representation under Federal Rule of Civil Procedure 23.
The court found that Hollywood Fire made a prima facie, or initial, showing that it should be appointed. The court noted that Hollywood Fire timely filed its motion, faced no opposition from another plaintiff or any defendant, and reported alleged losses of $363,475.14. The court also found that Hollywood Fire’s claims were typical of those of the proposed class.
The court further found that Hollywood Fire would adequately represent the proposed class. It described Hollywood Fire as a sophisticated institutional investor with no disclosed conflicts, experience serving as lead plaintiff in another class action, sufficient resources, and losses significant enough to motivate diligent litigation.
Counsel approval
The Act permits the lead plaintiff to select and retain class counsel, subject to court approval. Hollywood Fire selected Saxena White P.A. as lead counsel and Lockridge Grindal Nauen P.L.L.P. as local counsel. Based on the firms’ demonstrated experience in securities class-action litigation, the court found them qualified to represent the proposed class.
Disposition
The court granted Hollywood Fire’s motion. It appointed City of Hollywood Firefighters’ Pension Fund as lead plaintiff and approved its selection of Saxena White P.A. as lead counsel and Lockridge Grindal Nauen P.L.L.P. as local counsel. The order did not decide the underlying securities claims.
Judge
The order was signed by Dulce J. Foster, United States Magistrate Judge.
Read the full 3-page opinion on CourtListener, the free public archive maintained by the Free Law Project.