Lian v. Tuya Inc.
- John Cronan
- 1:22-cv-06792
- U.S. District Court · Southern District of New York
- 2
In Lian v. Tuya Inc., Judge Cronan scheduled a conference to discuss a Supreme Court case’s potential effect and whether to pause this case.
Counsel for the lead plaintiffs and defendants, who were directed to prepare for and attend the November 8, 2023, conference; the parties were also invited to submit pre-conference letters.
What happened
In Lian v. Tuya Inc., the court noted that the Supreme Court had agreed to review whether failing to make a disclosure required by Item 303 could support a private claim under Section 10(b) of the federal securities laws without another misleading statement.
The court scheduled a November 8, 2023, conference for lawyers for the lead plaintiffs and defendants to discuss the Supreme Court case’s possible effect on this case and whether this case should be paused while the Supreme Court considered the issue. The lawyers could, but did not have to, submit letters before the conference explaining their positions.
Judge John P. Cronan directed the parties’ lawyers to attend the conference by telephone unless the court ordered otherwise. The order did not decide whether the case should be paused or resolve the underlying claims.
The detailed version
- Lian v. Tuya Inc. · No. 1:22-cv-06792
- John Cronan
- Oct. 24, 2023
Background
The order states that, on September 29, 2023, the Supreme Court agreed to hear Macquarie Infrastructure Corporation v. Moab Partners, L.P. The issue presented in that case was whether a failure to make a disclosure required by Item 303 could support a private claim under Section 10(b) of the federal securities laws even when there was no otherwise misleading statement.
Court’s Action
The court stated that it intended to hold a conference on November 8, 2023, at 2:00 p.m. Counsel for the lead plaintiffs and defendants were directed to be prepared to discuss the potential effect of the Supreme Court’s decision in Macquarie on Lian and whether a stay—a pause in the case—would be appropriate while the Supreme Court considered the issue. Unless the court ordered otherwise, the conference would be held by telephone.
The court also invited, but did not require, the parties to submit letters of no more than three single-spaced pages by November 3, 2023, at 5:00 p.m. The order required attendance by the attorney who would serve as principal trial counsel unless the court granted permission for another arrangement.
Disposition and Scope
This order scheduled a conference and set related instructions. It did not grant or deny a stay, decide the Supreme Court-related legal issue, or resolve any claim in the case. The opinion is dated October 23, 2023, while the supplied filing date is October 24, 2023.
Read the full 2-page opinion on CourtListener, the free public archive maintained by the Free Law Project.