Willard v. UP Fintech Holding Limited
- Jesse Furman
- 1:19-cv-10326
- U.S. District Court · Southern District of New York
- 3
In Willard v. UP Fintech Holding Limited, Judge Furman set deadlines and a conference for choosing lead plaintiff and counsel in a securities class action.
The named plaintiff, potential class members, plaintiff’s counsel, defendants, and anyone seeking appointment as lead plaintiff or lead counsel were affected by the deadlines and procedures in the order.
What happened
In Willard v. UP Fintech Holding Limited, Vicki Rongey Willard filed a class action for purchasers of Fintech securities during a stated period. The complaint asserts claims under federal securities laws.
The Private Securities Litigation Reform Act requires notice to potential class members and sets deadlines for them to seek appointment as lead plaintiff, the person who would represent the class. The court said the required notice was published on November 6, 2019.
Judge Jesse M. Furman set January 6, 2020, as the deadline for lead-plaintiff motions, January 20, 2020, for oppositions, and February 5, 2020, for a conference about lead plaintiff, lead counsel, and consolidation. The order did not decide those motions or the merits of the claims.
The detailed version
- Willard v. UP Fintech Holding Limited · No. 1:19-cv-10326
- Jesse Furman
- Dec. 6, 2019
Background
Vicki Rongey Willard filed a class action individually and on behalf of purchasers of Fintech securities between March 20, 2019, and May 16, 2019. The complaint alleges violations of Sections 10(b), 11, 15, and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5. The defendants include UP Fintech Holding Limited and other defendants identified in the caption.
Court’s Analysis
The court explained that the Private Securities Litigation Reform Act requires the plaintiff to publish notice of the case, the claims, and the proposed class period in a widely circulated national business publication or wire service. After publication, members of the proposed class have 60 days to seek appointment as lead plaintiff. The court must consider those motions within 90 days after publication and appoint the member or members it finds most capable of adequately representing the class. If related actions and a request to consolidate them are pending, the court must decide consolidation before appointing a lead plaintiff.
The plaintiff’s counsel notified the court that the required notice was published on November 6, 2019. The opinion does not state that the court had received or decided any motion for appointment of a lead plaintiff, lead counsel, or consolidation.
Order and Effect
Judge Jesse M. Furman ordered that members of the proposed class may file lead-plaintiff motions by January 6, 2020, and that opposition must be served and filed by January 20, 2020. The court scheduled a February 5, 2020, conference at 3:00 p.m. to consider motions concerning lead plaintiff, lead counsel, and consolidation.
The court also ordered plaintiff’s counsel to submit a letter within one week if an amended complaint or related case is filed before a lead plaintiff is appointed. The letter must identify differences from the original complaint and explain why the court should not require republication of notice and set a new deadline. The named plaintiffs must promptly serve the order on each defendant. This order set procedures and deadlines; it did not resolve the securities claims or appoint a lead plaintiff.
Read the full 3-page opinion on CourtListener, the free public archive maintained by the Free Law Project.