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Oregon Laborers Employers Pension Trust Fund v. Maxar Technologies Inc.

United States District Court, D. Colorado

August 7, 2019

OREGON LABORERS EMPLOYERS PENSION TRUST FUND, individually and on behalf of all others similarly situated, Plaintiff,
v.
MAXAR TECHNOLOGIES INC., HOWARD L. LANCE, BIGGS PORTER, and MICHAEL B. WIRASEKARA, JR., Defendants.

          ORDER CONSOLIDATING ACTIONS AND APPOINTING LEAD PLAINTIFFS AND LEAD COUNSEL

          William J. Martínez Judge.

         Plaintiff Logan Durant (“Durant”) filed this proposed securities fraud class action lawsuit on January 14, 2019. (ECF No. 1.) Under the Private Securities Litigation Reform Act (“PSLRA”) (principally codified at 15 U.S.C. § 78u-4), Durant was then required,

[n]ot later than 20 days after the date on which the complaint [was] filed, [to] cause to be published, in a widely circulated national business-oriented publication or wire service, a notice advising members of the purported plaintiff class-
(I) of the pendency of the action, the claims asserted therein, and the purported class period; and
(II) that, not later than 60 days after the date on which the notice is published, any member of the purported class may move the court to serve as lead plaintiff of the purported class.

15 U.S.C.A. § 78u-4(a)(3)(A)(i). Durant's counsel's law firm published the required notice in Globe Newswire on the same day the suit was filed, announcing that lead plaintiff motions were due no later than March 15, 2019. (ECF No. 22-1.)

         On March 14, 2019, Howard and Jill Schwartz (together, the “Schwartzs”) filed a lawsuit that was substantially the same as Durant's action but had a longer proposed class period. See Schwartz v. Maxar Tech. Inc., Case No. 19-cv-758 (D. Colo., filed Mar. 14, 2019), ECF No. 1, ¶ 1 (“Schwartz Complaint”). The proposed class period in the Schwartz Complaint runs from February 22, 2018, through January 7, 2019, whereas the proposed class period in the instant action runs from March 29, 2018, through January 7, 2019. Id. On the same day that the Schwartz Complaint was filed, the Schwartzs's counsel's law firm published the required notice with the expanded class period in BusinessWire, and announced that lead plaintiff motions were due no later than March 15, 2019. (ECF No. 22-1.) The following day, the Schwartzs filed a notice of motion to consolidate. Schwartz v. Maxar, ECF No. 8. Thereafter, U.S. District Judge Chrstine M. Arguello stayed the Schwartz action until sixty days after the consolidation and lead counsel motions in the instant case are resolved. Schwartz v. Maxar, ECF No. 23.

         On March 15, 2019, six groups of potential lead plaintiffs filed motions seeking appointment as such in the instant action:

• The Schwartzs filed a motion claiming total investment losses of approximately $111, 264, and seeking consolidation with the Schwartz action (ECF No. 21 at 11, 13);
• Phillup Newhope and Michael Slaunwhite as Trustee of the Slaunwhite Family Trust (together, “Slaunwhite”) filed a motion claiming total investment losses of approximately $317, 294, and seeking consolidation with the Schwartz action (ECF No. 23 at 5, 7);
• Gabriel Assioun, Kelly Svendsen, and Babulal Tarapara (collectively, the “Maxar Investment Group”) filed a motion claiming total investment losses of $121, 684, and seeking consolidation with the Schwartz action (ECF No. 29; ECF No. 30 at 8, 11);
• The Miami Firefighters' Relief & Pension Fund (“Miami Firefighters' Fund”) filed a motion claiming total investment losses of approximately $30, 164 (ECF No. 24 at 5);
• Rostyslav Nagornyi filed a motion claiming total investment losses of approximately $243, 565.70 (ECF No. 27 at 7); and
• The Oregon Laborers Employers Pension Trust Fund (“Oregon Trust”) filed a motion claiming total investment losses of ...

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