Guo v. Ruhnn Holding Limited et al
| Cheng Guo |
| Top Capital Partners Limited, Ruhnn Holding Limited, Chao Shen, Junhong Qi, Shek Yuen Ting, Citigroup Global Markets Inc., Lei Sun, Zhenbo Chi, UBS Securities LLC, Pen Hung Tung, Ke Cheng, Min Feng, Shangzhen Li, Xiaocao Xu and Fengchun Jin |
| Weiming Zhou and Xiaohai Yan |
| 1:2019cv05667 |
| October 7, 2019 |
| US District Court for the Eastern District of New York |
| Ann M Donnelly |
| Robert M Levy |
| Securities/Commodities |
| 15 U.S.C. § 77 Securities Fraud |
| Plaintiff |
Docket Report
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This docket was last retrieved on May 12, 2021. A more recent docket listing may be available from PACER.
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| Filing 35 STIPULATION of Dismissal Without Prejudice by Citigroup Global Markets Inc., Ruhnn Holding Limited, UBS Securities LLC, Xiaocao Xu (Wang, George) |
| Filing 34 STATUS REPORT by Citigroup Global Markets Inc., Ruhnn Holding Limited, UBS Securities LLC, Xiaocao Xu (Attachments: #1 New York Court of Appeals decision - May 4, 2021) (Wang, George) |
Stipulation of dismissal without prejudice. Ordered by Judge Ann M. Donnelly on 5/12/2021. (Greene, Donna)
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STATUS REPORT ORDER: The Court is in receipt of the parties' status report #33 . The parties are directed to provide the Court with a status report by the earlier of the following: (a) three business days after a decision by the Court of Appeals, or (b) May 31, 2021. Ordered by Judge Ann M. Donnelly on 4/1/2021. (Singer, Julie)
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| Filing 33 STATUS REPORT by Ruhnn Holding Limited, Xiaocao Xu (Wang, George) |
| Filing 32 STATUS REPORT by Ruhnn Holding Limited, Xiaocao Xu (Wang, George) |
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STATUS REPORT ORDER: The Court is in receipt of the parties' status report #32 . The parties are directed to provide the Court with a status report by the earlier of the following: (a) three business days after a decision by the Court of Appeals, or (b) March 31, 2021. Ordered by Judge Ann M. Donnelly on 1/8/2021. (Singer, Julie)
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STATUS REPORT ORDER: The Court is in receipt of the parties' status report #31 . The parties are directed to submit a status report by January 7, 2021 informing the Court how they intend to proceed with this case in light of the First Department's December 3, 2020 decision. Ordered by Judge Ann M. Donnelly on 12/9/2020. (Singer, Julie)
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| Filing 31 STATUS REPORT by Ruhnn Holding Limited, Xiaocao Xu (Attachments: #1 First Department Decision and Order) (Wang, George) |
| Filing 30 STATUS REPORT by Ruhnn Holding Limited, Xiaocao Xu (Wang, George) |
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STATUS REPORT ORDER: The Court is in receipt of the parties' status report #30 . The parties are directed to provide the Court with a status report on the state court action by December 7, 2020. Ordered by Judge Ann M. Donnelly on 10/5/2020. (Singer, Julie)
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| Filing 29 STATUS REPORT by Ruhnn Holding Limited, Xiaocao Xu (Wang, George) |
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STATUS REPORT ORDER: The Court is in receipt of the parties' status report #29 . The parties are directed to provide the Court with a status report on the state court action by October 5, 2020. Ordered by Judge Ann M. Donnelly on 8/3/2020. (Singer, Julie)
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STATUS REPORT ORDER: The Court is in receipt of the parties' status report #28 . The parties are directed to provide the Court with a status report on the state court action by August 3, 2020. Ordered by Judge Ann M. Donnelly on 6/22/2020. (Singer, Julie)
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| Filing 28 STATUS REPORT by Ruhnn Holding Limited, Xiaocao Xu (Wang, George) |
| Cases associated., Case Consolidated. (Brown, Marc) |
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STATUS REPORT ORDER: The Court is in receipt of the parties' status report #27 . The parties are directed to file a status report on the state court action by June 3, 2020. Ordered by Judge Ann M. Donnelly on 4/1/2020. (Singer, Julie)
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| Filing 27 STATUS REPORT by Ruhnn Holding Limited, Xiaocao Xu (Wang, George) |
| Filing 26 NOTICE of Change of Address Once the filing has been made, you must login to www.pacer.gov and update your account. (Musoff, Scott) |
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STATUS REPORT ORDER: The parties are directed to provide the Court with a status report on the state court action by April 3, 2020. Ordered by Judge Ann M. Donnelly on 2/4/2020. (Singer, Julie)
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Filing 25
Stipulation and Order regarding temporary stay of action. Ordered by Judge Ann M. Donnelly on 2/3/2020. (Greene, Donna)
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| Filing 24 Corporate Disclosure Statement by Ruhnn Holding Limited, Xiaocao Xu (Wang, George) |
| Filing 23 NOTICE of Appearance by Stephanie Hon on behalf of Ruhnn Holding Limited, Xiaocao Xu (aty to be noticed) (Hon, Stephanie) |
| Filing 22 NOTICE of Appearance by George S. Wang on behalf of Ruhnn Holding Limited, Xiaocao Xu (notification declined or already on case) (Wang, George) |
| Filing 21 NOTICE of Appearance by Mollie Melissa Kornreich on behalf of Citigroup Global Markets Inc., UBS Securities LLC (aty to be noticed) (Kornreich, Mollie) |
| Filing 20 NOTICE of Appearance by Scott D. Musoff on behalf of Citigroup Global Markets Inc., UBS Securities LLC (aty to be noticed) (Musoff, Scott) |
| Filing 19 Corporate Disclosure Statement by UBS Securities LLC identifying Corporate Parent UBS Group AG, Other Affiliate UBS AG, Other Affiliate UBS Americas Inc., Other Affiliate UBS Americas Holding LLC for UBS Securities LLC. (Kasner, Jay) |
| Filing 18 Corporate Disclosure Statement by Citigroup Global Markets Inc. identifying Corporate Parent Citigroup Inc., Other Affiliate Citigroup Financial Products Inc., Other Affiliate Citigroup Global Market Holdings Inc. for Citigroup Global Markets Inc.. (Kasner, Jay) |
| Filing 17 NOTICE of Appearance by Jay B. Kasner on behalf of Citigroup Global Markets Inc., UBS Securities LLC (aty to be noticed) (Kasner, Jay) |
| Filing 16 MOTION to Stay ; Stipulation and Proposed Order Regarding Temporary Stay of Action by Ruhnn Holding Limited, Xiaocao Xu. (Wang, George) |
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ORDER granting #5 Motion to Consolidate Cases; granting #5 Motion to Appoint Counsel Ordered by Magistrate Judge Robert M. Levy on 1/11/2020. (Levy, Robert)
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ORDER granting #5 Motion to Consolidate Cases and to Appoint Lead Plaintiff and Lead Counsel for the following reasons: Plaintiff Cheng Guo filed this purported class action on October 7, 2019, alleging violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933, 15 U.S.C. 77k, 771(a)(2) and 77o. (Complaint, dated Oct. 7, 2019 (Compl.), Dkt. No. 1.) The class is comprised of all persons or entities who purchased Ruhnn American Depositary Shares (ADSs) pursuant and/or traceable to the companys April 3, 2019 initial public offering (the IPO).(Id. 1.)On December 6, 2019, movant Xiaohai Yan (Yan) moved for an order: (1) consolidating this case with Yan v. Ruhnn Holding Limited, No. 2:19 CV 6162 (SJF)(SIL); (2) appointing Yan as Lead Plaintiff; and (3) approving his selection of Pomerantz LLP as Lead Counsel for the Class. On the December 11, 2019, Yan filed a Notice of Non-Opposition, noting that Yan does not appear to have the largest financial interest in this litigation within the meaning of the PSLRA. (See Notice of Non-Opposition of Xiaohai Yan to Competing Motions for Consolidation, Appointment as Lead Plaintiff, and Approval of Counsel, dated Dec. 11, 2019, Dkt. No. 13.) Therefore, Yans motion is moot. Two other movants, Cheng Guo and Weiming Zhou, also moved for the same relief, but Guo withdrew his motion on the ground that he does not appear to have the largest financial interest. (See Notice of Withdrawal of Cheng Guos Motion to Consolidate Related Actions, Appoint Lead Plaintiff; and Approve Lead Plaintiffs Selection of Counsel, dated Dec. 18, 2019, Dkt. No. 14.) Therefore, the only remaining motion in the case is that of Weiming Zhou for consolidation of this case with 19 CV 6162, appointment as Lead Plaintiff, and approval of his selection of Levi & Korsinsky, LLP as Lead Counsel. (See Dkt. No. 5.) The deadline for any party to move for appointment as Lead Plaintiff was December 6, 2019. Thus, Zhous motion, filed on December 6, 2019, is timely and unopposed. Under the Federal Rules of Civil Procedure, consolidation is appropriate when the actions involve common questions of law or fact. See FED. R. CIV. P. 42(a). [C]ourts have taken the view that considerations of judicial economy favor consolidation. Weltz v. Lee, 199 F.R.D. 129, 131 (S.D.N.Y. 2001) (quoting Johnson v. Celotex Corp., 899 F.2d 1281, 1284-85 (2d Cir. 1990)). Consolidation is particularly appropriate in securities class action litigation. See Primavera Familienstiftung v. Askin, 173 F.R.D. 115, 129 (S.D.N.Y. 1997). Here, the two actions present similar factual and legal issues, as they involve the same subject matter and are based on the same allegedly wrongful course of conduct. The two actions name substantially the same parties as defendants and arise from the same facts and circumstances. The same discovery and similar class certification issues will be relevant to both actions. Accordingly, consolidation under Rule 42(a) is appropriate. See Celotex Corp., 899 F.2d at 1285.Pursuant to the PSLRA, the court is to appoint as Lead Plaintiff the movant who possesses the largest financial interest in the outcome of the action and who satisfies the requirements of Rule 23 of the Federal Rules of Civil Procedure. 15 U.S.C. 77z1(a)(3)(B)(iii)(I). Here, it is undisputed among the participants in this litigation that Zhou has the largest financial interest, having lost $7,380.87 as a result of his transactions. (See Loss Chart, Ex. B to the Declaration of Gregory M. Nespole, Esq., dated Dec. 6, 2019, Dkt. No. 7.) No one has raised the prospect of any unique defenses that defendants could assert against Zhou that would render him inadequate to represent the Class, or put forth any reasons why Zhou would not be an appropriate Lead Plaintiff. Accordingly, Zhou should be appointed as Lead Plaintiff. See Varghese v. China Shenghuo Pharm. Holdings, Inc., 589 F. Supp. 2d 388, 397 (S.D.N.Y. 2008).On October 7, 2019 pursuant to 15 U.S.C. 77z-1(a)(3)(A)(i), counsel for Guo published a Press Release on Business Wirea widely circulated national business-oriented wire service announcing that a securities class action had been filed against defendants and advising purchasers of Ruhnn securities that they had 60 days from the publication of the October 7, 2019 notice to file a motion to be appointed as lead plaintiff. (See Press Release, Ex. C to Nespole Decl.) Sixty days after October 7, 2019 was December 6, 2019, and as noted above, Zhous motion was timely filed.Finally, The PSLRA vests authority in the Lead Plaintiff to select and retain counsel, subject to court approval. See 15 U.S.C. 77z-1(a)(3)(B)(v); In re Cendant Corp., 264 F.3d 201, 274 (3d Cir. 2001). The court should not disturb the Lead Plaintiffs choice of counsel unless necessary to protect the interests of the class. 15 U.S.C. 77z-1(a)(3)(B)(iii)(II)(aa). Here, Zhou has selected Levi & Korsinsky to pursue this litigation on his behalf and will retain the firm as the Classs Lead Counsel in the event he is appointed as Lead Plaintiff. Levi & Korsinsky possesses adequate experience in securities litigation and has successfully prosecuted numerous securities fraud class actions on behalf of investors, as reflected by the Firm Rsum attached to the Nespole Decl. as Ex. D. Moreover, Levi & Korsinsky has often been appointed as Lead Counsel in similar actions in this circuit and across the country arising under the federal securities laws. (See cases cited in Zhou Memorandum of Law, Dkt. No. 6, at 11-12.). Accordingly, the motions are granted.I Ordered by Magistrate Judge Robert M. Levy on 1/11/2020. (Levy, Robert) Modified on 1/13/2020 (Levy, Robert).
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ORDER granting #14 motion withdrawing #8 Motion to Appoint Counsel ; withdrawing #8 Motion to Consolidate Cases. Ordered by Magistrate Judge Robert M. Levy on 1/3/2020. (Levy, Robert)
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| Filing 15 NOTICE by Weiming Zhou re #5 MOTION to Consolidate Cases 1:19-cv-05667 and 2:19-cv-06162 MOTION to Appoint Counsel , and Motion to Appoint Lead Plaintiff Notice of Non-Opposition (Nespole, Gregory) |
| Filing 14 NOTICE by Cheng Guo re #8 MOTION to Appoint Counsel and Appoint Lead Plaintiff MOTION to Consolidate Cases (Notice of Withdrawal of Motion) (Kim, Phillip) |
| Filing 13 NOTICE by Xiaohai Yan re #10 MOTION to Consolidate Cases - NOTICE OF MOTION OF XIAOHAI YAN FOR CONSOLIDATION, APPOINTMENT AS LEAD PLAINTIFF, AND APPROVAL OF COUNSEL NOTICE OF NON-OPPOSITION OF XIAOHAI YAN TO COMPETING MOTIONS FOR CONSOLIDATION, APPOINTMENT AS LEAD PLAINTIFF, AND APPROVAL OF COUNSEL (Lieberman, Jeremy) |
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ORDER RESPECTFULLY REFERRING MOTION: #10 MOTION to Consolidate Cases - NOTICE OF MOTION OF XIAOHAI YAN FOR CONSOLIDATION, APPOINTMENT AS LEAD PLAINTIFF, AND APPROVAL OF COUNSEL filed by Xiaohai Yan, #5 MOTION to Consolidate Cases 1:19-cv-05667 and 2:19-cv-06162 MOTION to Appoint Counsel , and Motion to Appoint Lead Plaintiff filed by Weiming Zhou, #8 MOTION to Appoint Counsel and Appoint Lead Plaintiff MOTION to Consolidate Cases filed by Cheng Guo respectfully referred to Magistrate Judge Robert M. Levy. Ordered by Judge Ann M. Donnelly on 12/11/2019. Motions respectfully referred to Robert M. Levy. (Greene, Donna)
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| Filing 12 AFFIDAVIT/DECLARATION in Support re #10 MOTION to Consolidate Cases - NOTICE OF MOTION OF XIAOHAI YAN FOR CONSOLIDATION, APPOINTMENT AS LEAD PLAINTIFF, AND APPROVAL OF COUNSEL - DECLARATION OF JEREMY A. LIEBERMAN IN SUPPORT OF MOTION OF XIAOHAI YAN FOR CONSOLIDATION, APPOINTMENT AS LEAD PLAINTIFF, AND APPROVAL OF COUNSEL filed by Xiaohai Yan. (Attachments: #1 Exhibit A, #2 Exhibit B, #3 Exhibit C, #4 Exhibit D) (Lieberman, Jeremy) |
| Filing 11 MEMORANDUM in Support re #10 MOTION to Consolidate Cases - NOTICE OF MOTION OF XIAOHAI YAN FOR CONSOLIDATION, APPOINTMENT AS LEAD PLAINTIFF, AND APPROVAL OF COUNSEL filed by Xiaohai Yan. (Lieberman, Jeremy) |
| Filing 10 MOTION to Consolidate Cases - NOTICE OF MOTION OF XIAOHAI YAN FOR CONSOLIDATION, APPOINTMENT AS LEAD PLAINTIFF, AND APPROVAL OF COUNSEL by Xiaohai Yan. (Attachments: #1 [Proposed] Order) (Lieberman, Jeremy) |
| Filing 9 MEMORANDUM in Support re #8 MOTION to Appoint Counsel and Appoint Lead Plaintiff MOTION to Consolidate Cases filed by Cheng Guo. (Attachments: #1 Exhibit 1 - PSLRA Early Notice, #2 Exhibit 2 - PSLRA Certification, #3 Exhibit 3 - Loss Chart, #4 Exhibit 4 - Declaration of Cheng Guo, #5 Exhibit 5 - Firm Resume) (Kim, Phillip) |
| Filing 8 MOTION to Appoint Counsel and Appoint Lead Plaintiff, MOTION to Consolidate Cases by Cheng Guo. (Attachments: #1 Proposed Order) (Kim, Phillip) |
| Filing 7 AFFIDAVIT/DECLARATION in Support re #5 MOTION to Consolidate Cases 1:19-cv-05667 and 2:19-cv-06162 MOTION to Appoint Counsel , and Motion to Appoint Lead Plaintiff filed by Weiming Zhou. (Attachments: #1 Exhibit PSLRA Certification, #2 Exhibit Loss Chart, #3 Exhibit PSLRA Notice, #4 Exhibit LK Resume) (Nespole, Gregory) |
| Filing 6 MEMORANDUM in Support re #5 MOTION to Consolidate Cases 1:19-cv-05667 and 2:19-cv-06162 MOTION to Appoint Counsel , and Motion to Appoint Lead Plaintiff filed by Weiming Zhou. (Nespole, Gregory) |
| Filing 5 MOTION to Consolidate Cases 1:19-cv-05667 and 2:19-cv-06162, MOTION to Appoint Counsel , and Motion to Appoint Lead Plaintiff by Weiming Zhou. (Attachments: #1 Exhibit PSLRA Certification) (Nespole, Gregory) |
| Filing 4 This attorney case opening filing has been checked for quality control. See the attachment for corrections that were made, if any. (Bowens, Priscilla) |
| Filing 3 In accordance with Rule 73 of the Federal Rules of Civil Procedure and Local Rule 73.1, the parties are notified that if all parties consent a United States magistrate judge of this court is available to conduct all proceedings in this civil action including a (jury or nonjury) trial and to order the entry of a final judgment. Attached to the Notice is a blank copy of the consent form that should be filled out, signed and filed electronically only if all parties wish to consent. The form may also be accessed at the following link: #http://www.uscourts.gov/uscourts/FormsAndFees/Forms/AO085.pdf. You may withhold your consent without adverse substantive consequences. Do NOT return or file the consent unless all parties have signed the consent. (Bowens, Priscilla) |
| Filing 2 Summons Issued as to All Defendants. (Bowens, Priscilla) |
| Case assigned to Judge Ann M Donnelly and Magistrate Judge Robert M. Levy. Please download and review the Individual Practices of the assigned Judges, located on our #website. Attorneys are responsible for providing courtesy copies to judges where their Individual Practices require such. (Bowens, Priscilla) |
| Filing 1 COMPLAINT against All Defendants filing fee $ 400, receipt number ANYEDC-11921298 Was the Disclosure Statement on Civil Cover Sheet completed -YES,, filed by Cheng Guo. (Attachments: #1 PSLRA Certification, #2 Civil Cover Sheet, #3 Proposed Summons, #4 Proposed Summons, #5 Proposed Summons, #6 Proposed Summons, #7 Proposed Summons, #8 Proposed Summons, #9 Proposed Summons, #10 Proposed Summons, #11 Proposed Summons, #12 Proposed Summons, #13 Proposed Summons, #14 Proposed Summons, #15 Proposed Summons, #16 Proposed Summons, #17 Proposed Summons) (Kim, Phillip) |
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