Case 1:10-cv GBD Document 34 Filed 01/19/11 Page 1 of 6 UNITED STATES DISTRIC '':",.# SOUTHERN DISTRICT OF NEW YORK.

Transcription

1 Case 1:10-cv GBD Document 34 Filed 01/19/11 Page 1 of 6 7 ED UNITED STATES DISTRIC '':",.# SOUTHERN DISTRICT OF NEW YORK JEFF PERRY and SCOTT P. COLE, On Behalf )r Of Themselves And All Others Similarly } Civil Action No. 10-cv-7235 Situated, ) Plaintiffs,- ) V. ) DUOYUAN PRINTING, INC., WENHUA GUO, ) XIQING DIAO, BAIYUN SUN, WILLIAM D. ) SUH, CHRISTOPHER P. HOLBERT, LIANJUN ) CAI, PUNAN XIE, JAMES ZHANG, PIPER ) JAFFRAY & CO., and ROTH CAPITAL ) PARTNERS, LLC, ) Defendants. ) STIPULATION FOR [PROPOSED] ORDER APPOINTING LEAD PLAINTIFFS AND APPROVING CO-LEAD COUNSEL POMERANTZ HAUDEK THE ROSEN LAW FIRM, P.A. GROSSMAN & GROSS LLP Laurence M. Rosen Patrick V. Dahlstrom Phillip Kim Ten South LaSalle Street, Suite 3505 Timothy W. Brown Chicago, Illinois Madison Avenue, 34 `x' Floor Telephone: (312) New York, New York Facsimile: (312) Telephone: (212) Facsimile: (212) POMERANTZ HAUDEK GROSSMAN & GROSS LLP Attorneysfor Plaintiff frichard Pearson Marc I. Gross Jeremy A. Lieberman Fei-Lu Qian 100 Park Avenue New York, New York Telephone: (212) Facsimile: (212) Attorneys for Plaintiffs Scott P. Cole and Joseph E. Sciarro

2 Case 1:10-cv GBD Document 34 Filed 01/19/11 Page 2 of 6 WHEREAS on September 2O,20]O, plaintiffs Jeff Perry ("9ern/) and Scott P. Cole (Cole`) commenced the instant action bvthe fi\iogo[o complaint against defendants l)noyuuo Printing, Inc. ("Duoyuan Printing" or the "Company"), Wenhua Guo, Xiqing Diao, Baiyun Sun, William D. Suh` Christopher P. Holbert, G 'un Cai,Pmnan Xic, James Dmng ' Piper JaRray & Co. and Roth Capital Partners, LLC alleging violations of federal securities laws (the "Complaint"); WHEREAS, pursuant to Section 21I]6d(3)(A) of the Securities Exchange Act o[l994 (the "Exchange Aot`^), l5tj&c.878n-4(u)(3)(a)(i)o-il\ and Section Z7/ul/3\(A)o[the Securities Act o[l933 (the "Securities Aot^) ' l5lj.s.c.g77o-l/ux3l(/\)(i)o-d\, counsel for Perry and Cole caused to be published a Notice of Pendency on GlobalNewswire on September 20,2010, advising members of the purported Class of, inter alia, (1) the pendency of the action, (2) the claims asserted therein, (3) the purported Class Period, and (4) that, not later than 60 days after the date on which the Notice was published, any member o[ the purported Class may move the court to serve as Lead Plaintiff o[ the Class; WHEREAS, oonovember I9 ^ 2Ul0, Cole and Joseph E. 8oiurro/^"Sciuoo") timely filed a motion for their appointment us Lead y}xindob and approval o{ their choice of counsel as Lead CVuuoul'` WHEREAS, on November 19, 2010, plaintiff Richard Pearson ( Pouzoou"), timely filed motion for his appointment as Lead Plaintiff and approval of his choice of counsel as Lead Counsel; WHEREAS, Cole, Soiaon and Pearson have provided signed, sworn cerdfioadonoiosupport of their motions for appointment as Lead Plaintiffs, v/bioh comply with the requirements of the 9dvutc Securities Litigation liefbou Act ofl995 (the '^psi.ra")' 15 U.S.C. O78u-4(u)(2) and 15 U.S.C. 77z- I (a)(2), setting forth, inter alia, their transactions in Duoyuan Printing securities during the C oma Period specified io the Complaint;

3 Case 1:10-cv GBD Document 34 Filed 01/19/11 Page 3 of 6 WHEREAS, the yslda,l5d.s.c ' 878u-4a)(3) i and l5u.s.c. 77z-l(a)(3)(13)(i@. provide, inter u/ia,that the most adequate plaintiff to serve as lead plaintiff is, in thedden-ninatiou of the Court, the "person or group of persons" that has the largest financial interest in the relief sought by the class and otherwise satisfies the relevant requirements of Fed. R.C v.p.23. See lnrc Orion Sees. L//ig,,2OQ8TJ.3. Dist. CEX]S 55368, at *9-* 10 (8.T).N,l'. Jul. 8 ' 2008) (citing In oc }/uvve/fi/nosec, L/ti,247F.}(.l}.4}2,436-37(8.L).N.l r 20O7); Constance {cz/ng/trust v./qpng llf`, 223 F.R.D. 319, 323 (3.I).N.Y. 2004)\; WTlIII{F4.S ^ courts have endorsed stipulations among noogrcdog lead plaintiff noovon1a as promoting the statutory purposes or the PS[IlA,and buvepcio/b±ed "independent lead plaintiff movants [to]joiri together to help ensure that'adequate resources and experience are available to the prospective class in the prosecution oftb[ p] ucboo` and because ^[o]myloyingo co-lead plaintiff structure... will also provide the proposed class with the substantial hooefita uf joint dooision~ znuking." Sce/ureXi,huoFimuxce&/euYoLklSuc.L/tig.,No.07Civ. 3Y93(I.T3) ` Stipulation and Order Appointing Lead Plaintiffs and Approving Selection of Lead Counsel, ot2-3(s.[).n.y.aug. 2l,2O07) (citing Pirelli Ann«*nng Tire Corp. Retiree Medical J9enefi1xTrust v,l.obrunu8m&co., Inc.,229F.}l.[).395(S.O.N.Y. 20O4) (citing /nre Oxford Health Plans, Inc, Sec. L/tig.,lN2F. l.d. 42,45(8.I).N.Y. l g9d)) (Docket Entry No. 20). See also lnre[{bsag Sec. 1.di,No.D7Civ (DJS), Stipulation and Order CVuoo idudog f\cdoom, Appointing Lead Plaintiffs and Approving Lead Plaintiffs' Selection of Lead Counsel (S.D.N.Y. Mar. 6, 2008) (entering stipulation appointing co-lead counsel and liaison counsel) (Docket Entry No. 20); WHEREAS, Cole, Sciuoo and Pearson, to the best o[ their knowledge, believe that they have the largest known financial interests among Class members who filed broelv applications for appointment as Lead Plaintiffs in this case; 3

4 Case 1:10-cv GBD Document 34 Filed 01/19/11 Page 4 of 6 WHEREAS, Cole, Sciarro and Pearson have each demonstrated adequacy pursuant to Rule 23 and the desire to prosecute this action on behalf of the Class having (1) moved for appointment as Lead Plaintiffs, (2) retained experienced and competent counsel to prosecute this case on behalf of the Class, (2) communicated with cnuuau) concerning this status and [boto of this case, and (4} sustained substantial individual losses from their investments in L)uoyuanPdnhug; WHEREAS, Cole, Soiarro and peorymu have demonstrated that their claims are closely aligned with and are typical m[ other members of the class as their claims (l) arise from the yanzo event, practice uc course o[ conduct that givesrise to other Class members' claims, and (2) are based on the mnzuo legal theory wo other Class members' claims; WIIlBllE/\S, Cole, Suiacrm and 9coroun have alleged (l) that defendants violated the lixobuoge Act and the Securities Act hypublicly disseminating false and misleading statements concerning Duoyuan Printing's financial condition, (2) that each plaintiffhas sustained damages as a result of purchases nfduoyuuu Printing securities during the Class Period at prices artificially inflated by defendants' alleged misrepresentations and omissions, (3) that they are not aware of any unique dc[eomea defendants could raise against {beru ` and (4) that they do not have any interests antagonistic to the Class which would render them inadequate to represent the C umo; WHEREAS, 15 U.S.C. 70o-4(u)(3)(l})(v)uud 15l].8.C. 877z-l(u)(3){ })(v) provide that, subject to the approval of the Court, the most adequate plaintiff will select and retain u000ao to represent the Class, and that Cole and Sciarro have selected and retained the law firn-i of Pomerantz Haudek Grossman & Gross LLP, and Pearson has selected and retained The Rosen Law Firm, P.A. to pursue this litigation oo behalf Vfthe C uee if they are appointed Lead Plaintiffs; WHEREAS, Cole, Sciurro and Pearson collectively have agreed to serve as Co-Lead Plaintiffs and believe that it is in the best interests of the Class to jointly litigate this action; and 4

5 Case 1:10-cv GBD Document 34 Filed 01/19/11 Page 5 of 6 WHEREAS, Cole, Sciarro and Pearson collectively have agreed to the selection of Pomerantz Haudek Grossman & Gross LLP and The Rosen Law Firm, P.A. as Co-Lead Counsel; IT IS HEREBY STIPULATED AND AGREED, subject to the Court's approval, as follows: 1. Scott P. Cole, Joseph E. Sciarro, and Richard Pearson are appointed Co-Lead Plaintiffs for the above-captioned action and any subsequently filed consolidated actions, pursuant to 15 U.S.C. 78u-4(a)(3)(B) and 15 U.S.C. 77z- I (a)(3)(b); and 2. Cole, Sciarro and Pearson's selections of Pomerantz Haudek Grossman & Gross LLP Dated: December 3, 2010 and The Rosen Law Firm, P.A. are hereby approved as Co-Lead Counsel. POMERANTZHAUDEK GROSSMAN & GROSS LLP By: A - Marc I. ' r,s Jerern/ A. 'ieberman Fei-L Q:n Avenue New York, New York Telephone: (212) Facsimile: (212) POMERANTZ HAUDEK GROSSMAN & GROSS LLP Patrick V. Dahlstrom Ten South LaSalle Street, Suite 3505 Chicago, Illinois Telephone: (312) Facsimile: (312) Attorneys for Plaintiffs Scott P. Cole and Joseph E. Sciarro 5

6 Case 1:10-cv GBD Document 34 Filed 01/19/11 Page 6 of 6 Dated: December 3, 2010 THE ROSEN LAW FIRM, P.A. By: Laurence M. Rosen Phillip Kim Timothy W. Brown 275 Madison Avenue, 34 h Floor New York, New York Telephone: (212) Facsimile: (212) Attorneys for Plaintiff Richard Pearson. SO ORDERED. *oq ol VIM Dated: New York, New York H able St Um ed Sta4tes uistrict judge Southern District of New York 6