IN RE GIGACLOUD TECHNOLOGY INC SECURITIES LITIGATION
- Jesse Furman
- 1:23-cv-10645
- U.S. District Court · Southern District of New York
- 2
In re GigaCloud Technology Inc. Securities Litigation: Judge Furman deemed Rajan’s lead-plaintiff motion timely after it was filed on the wrong related docket.
Sashi Rajan’s lead-plaintiff motion in the related GigaCloud securities class actions was treated as timely; the order did not itself appoint him lead plaintiff or decide the other requested relief.
What happened
In In re GigaCloud Technology Inc. Securities Litigation, Sashi Rajan asked the court to treat his motion to become lead plaintiff as timely. The motion concerned two related securities class actions involving GigaCloud Technology Inc.
Rajan originally filed the motion on the docket for the related Kinnally action instead of the Villanueva action. He later filed it on the Villanueva docket as well, explaining that the first filing was a clerical mistake that he promptly corrected.
Judge Jesse M. Furman granted the application and deemed Rajan’s lead-plaintiff motion timely. The clerk was directed to terminate ECF No. 36.
The detailed version
- IN RE GIGACLOUD TECHNOLOGY INC SECURITIES LITIGATION · No. 1:23-cv-10645
- Jesse Furman
- Dec. 28, 2023
Background
The opinion consists of counsel’s letter and the court’s brief order concerning two related putative securities class actions involving GigaCloud Technology Inc.: the Villanueva action and the Kinnally action. Sashi Rajan was the lead-plaintiff movant in the Kinnally action, and Pomerantz LLP represented him.
Rajan sought consolidation of the related actions, appointment as lead plaintiff, and approval of Pomerantz as lead counsel. When he refiled that motion in the Southern District of New York on December 22, 2023, he filed it on the Kinnally action’s docket rather than the Villanueva action’s docket. The letter stated that Rajan promptly filed the motion on the Villanueva docket as well and asked the court to treat it as timely because the docketing mistake was minor and promptly corrected.
Ruling
Judge Jesse M. Furman granted the application. The order states that Rajan’s lead-plaintiff motion in case 23cv10645, ECF No. 32, was deemed timely. The clerk was directed to terminate ECF No. 36. The order did not decide whether Rajan would be appointed lead plaintiff, whether the actions would be consolidated, or whether Pomerantz would be approved as lead counsel.
Read the full 2-page opinion on CourtListener, the free public archive maintained by the Free Law Project.