Yaroni v. Pintec Technology Holdings Limited
- Jesse Furman
- 1:20-cv-08062
- U.S. District Court · Southern District of New York
- 3
In Yaroni v. Pintec, Judge Furman set deadlines for lead-plaintiff motions and scheduled a conference in the securities class action.
The proposed class members, Allon Yaroni, plaintiff’s counsel, the defendants, and any parties seeking appointment as lead plaintiff or lead counsel or seeking consolidation of related actions.
What happened
Yaroni v. Pintec Technology Holdings Limited is a proposed class action involving people who bought Pintec securities issued in its October 2018 initial public offering. The complaint alleges violations of Sections 11 and 15 of the Securities Exchange Act of 1934.
The court said the required notice was published on September 29, 2020. Class members had until November 30, 2020, to seek appointment as lead plaintiff, and opposition was due December 14, 2020. The court also scheduled a December 22 conference to consider lead-plaintiff, lead-counsel, and consolidation motions.
Judge Jesse M. Furman ordered plaintiff’s counsel to report differences if an amended complaint or related case was filed, required the named plaintiffs to serve the order on the defendants, and otherwise set the case’s lead-plaintiff procedure.
The detailed version
- Yaroni v. Pintec Technology Holdings Limited · No. 1:20-cv-08062
- Jesse Furman
- Oct. 29, 2020
Background
Allon Yaroni filed a proposed class action on behalf of purchasers of securities issued by Pintec Technology Holdings Limited in connection with Pintec’s October 2018 initial public offering. The complaint alleges violations of Sections 11 and 15 of the Securities Exchange Act of 1934.
The Private Securities Litigation Reform Act requires notice to members of a proposed securities-fraud class and establishes procedures for selecting a lead plaintiff, meaning the class member appointed to represent the proposed class. The court stated that the required notice was published on September 29, 2020.
Deadlines and Conference
The court ordered that members of the proposed class could move for appointment as lead plaintiff by November 30, 2020. Opposition to any such motion had to be served and filed by December 14, 2020.
The court scheduled a conference for December 22, 2020, at 3:30 p.m. in Courtroom 1105 of the Thurgood Marshall Courthouse in New York. The conference would address motions for appointment of lead plaintiff and lead counsel, as well as any motion to consolidate related actions. The court stated that the conference might be held remotely because of the COVID-19 situation.
Additional Orders and Disposition
If an amended complaint or related case was filed before a lead plaintiff was appointed, plaintiff’s counsel had to submit a letter within one week identifying differences from the original complaint and explaining why the court should not require publication of a new notice and set a new deadline for lead-plaintiff motions. The court also ordered the named plaintiffs to promptly serve a copy of the order on each defendant.
This was a procedural order establishing notice, motion, and conference procedures. It did not decide 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.