Born v. Quad/Graphics, Inc.
- Valerie Caproni
- 1:19-cv-10376
- U.S. District Court · Southern District of New York
- 2
In Born v. Quad/Graphics, Inc., Judge Caproni consolidated two related securities class actions and set a deadline for lead-plaintiff submissions.
The two securities class actions brought by Dennis and Marilynn Born and Valerie Bloom, and the defendants Quad/Graphics, Inc., J. Joel Quadracci, and David J. Jonan.
What happened
In Born v. Quad/Graphics, Inc., Dennis and Marilynn Born brought a class action against Quad/Graphics, Inc., J. Joel Quadracci, and David J. Jonan. A related class action was brought by Valerie Bloom against the same defendants.
The court said the cases involved substantially the same claims under the Securities Exchange Act and related regulations, based on the same or similar alleged false or misleading statements and omissions. Five motions concerning appointment of a lead plaintiff and approval of lead counsel had been filed in the Born case; four also asked the court to combine the cases.
Judge Valerie Caproni ordered the cases consolidated for all purposes, with future filings to be made under docket number 19-CV-10376. The court set January 24, 2020, as the deadline for additional submissions about lead plaintiff and lead counsel, and said it would later set a schedule for an amended consolidated complaint.
The detailed version
- Born v. Quad/Graphics, Inc. · No. 1:19-cv-10376
- Valerie Caproni
- Jan. 10, 2020
Background
The court addressed two related securities class actions: the action brought by Dennis and Marilynn Born, individually and on behalf of others similarly situated, and the action brought by Valerie Bloom, individually and on behalf of others similarly situated. The defendants in both cases were Quad/Graphics, Inc., J. Joel Quadracci, and David J. Jonan. The cases had been designated as related because they concerned or arose from substantially the same events.
Five motions to appoint a lead plaintiff and approve the lead plaintiff's choice of counsel had been filed in the Born action. Four of those motions also sought consolidation of the two actions.
Court's Analysis
The court found that the actions asserted substantially the same claims under the Securities Exchange Act and related regulations. It also found that the claims arose from the same or similar alleged materially false or misleading statements and omissions and therefore involved common questions of law or fact. The court relied on Federal Rule of Civil Procedure 42(a), which permits consolidation when actions share common legal or factual issues.
Ruling
Judge Valerie Caproni ordered the two actions consolidated into one action, called the “Consolidated Action,” for all purposes. The court directed that all future filings be made under docket number 19-CV-10376. The court ordered that any additional submissions about appointment of a lead plaintiff and lead counsel be filed by January 24, 2020. After a lead plaintiff and lead counsel were named, the court said it would set a schedule for filing an amended consolidated complaint. The order did not decide the merits of the securities claims.
Read the full 2-page opinion on CourtListener, the free public archive maintained by the Free Law Project.