Reddy et al v. LongFin Corp. et al
| Karthik Reddy, Loong Chee Min, Robert E Miller and Chen Wei |
| LongFin Corp., Venkat S. Meenavalli and Vivek Kumar Ratakonda |
| 1:2018cv02933 |
| April 3, 2018 |
| US District Court for the Southern District of New York |
| Foley Square Office |
| New York |
| Denise L. Cote |
| Securities/Commodities/Exchanges |
| 28 U.S.C. ยง 1331 |
| Plaintiff |
Follow case documents by RSS
Available Case Documents
The following documents for this case are available for you to view or download:
| Document Text |
|---|
Filing
225
ORDER TO RELEASE FUNDS granting 224 Motion for Disbursement of Funds. It is hereby: ORDERED, that Epiq Global ("Epiq") shall be reimbursed $48,402.70 for its fees and expenses in this matter, to be paid from the $223,17 2.64 recovered by Class Counsel in January 2023 (the "January 2023 Recovery"); ORDERED, that Epiq shall distribute $17,277.47 from the January 2023 Recovery to Levi & Korsinsky, LLP for its expenses in this matter; IT IS SO ORDERED. (Signed by Judge Denise L. Cote on 2/17/2023) (vfr) Transmission to Finance Unit (Cashiers) for processing.
|
|
Filing
219
FINAL JUDGMENT: It is hereby: ORDERED, that final judgment is entered against Longfin Corp., ("Longfin"), Suresh Tammineedi, Venkata Meenavalli, and Vivek Ratakonda (collectively, the "Defaulting Defendants") for their violatio ns of Section 5 of the Securities Act, liability established under 12(a)(1) and Section 15 of the Securities Act [15 U.S.C. §§ 77l(a)(1) and 77o], Section 15(a) of the Securities Act against Defendants Meenavalli and Ratakonda, Section 10(b) of the Exchange Act, 15 U.S.C. § 78j(b), and SEC Rule 10b-5, 17 C.F.R. § 240.10b-5, promulgated thereunder against the Defaulting Defendants, Section 20(a) against the individual Defaulting Defendants, and Section 20A against Defe ndant Tammineedi; ORDERED, that, pursuant to Section 10(b) of the Exchange Act, each of the Defaulting Defendants are jointly and severally liable to Lead Plaintiff and the Class for damages in the amount of $223,037,680 (the "Damages Figure"); ORDERED, that Lead Plaintiff and the Class are entitled to prejudgment interest on the Damages Figure beginning on April 6, 2018 and post-judgment interest on the Damages Figure until the judgment is satisfied, both at the statut ory rate set forth in 28 U.S.C. § 1961; ORDERED that, including pre-and post-judgment interest per 28 U.S. 1961, the total figure to which the Defaulting Defendants are liable is $223,662,622.66, plus post-judgment interest at the rate of 0.14% per annum, computed daily to the date of payment and compounded annually, along with costs (the "Total Damages Figure");ORDERED, that pursuant to Rule 23(h)(1) of the Federal Rules of Civil Procedure, Lead Plaintiff's counsel are to file their motion for attorney's fees and expenses contemporaneously with any future request to distribute recovered funds from the Total Damages Figure to the Class; and ORDERED that, for purposes of Rule 4(a)(1)(A) and Rule 4(a)(7)(A)(ii) of the Federal Rules of Appellate Procedure, Judgment will be deemed entered for purposes of any notice of appeal from when this Final Judgment is entered. IT IS SO ORDERED. (Signed by Judge Denise L. Cote on 8/11/2020) (jca) Transmission to Finance Unit (Cashiers) for processing.
|
|
Filing
217
ORDER: The Court having granted Lead Plaintiff's January 3, 2020 motion for default judgment in an Opinion and Order issued today, it is hereby ORDERED that Lead Plaintiff shall file a proposed judgment by August 7, 2020. (Signed by Judge Denise L. Cote on 7/29/2020) (ama)
|
|
Filing
214
ORDER: It is hereby ORDERED that the May 15 Scheduling Order is vacated. IT IS FURTHER ORDERED that Lead Plaintiff shall not re-file its January 3, 2020 submissions in support of its motion for default judgment, but shall file any supplemental sub missions by June 26, 2020. IT IS FURTHER ORDERED that Longfin Corp., Suresh Tammineedi, Venkata Meenavalli, and Vivek Ratakonda (the "Defaulting Defendants") shall file any opposition to the motion for default judgment by July 24, 2020. (And as further set forth herein.) (Responses due by 7/24/2020) (Signed by Judge Denise L. Cote on 6/18/2020) (jca)
|
|
Filing
212
ORDER: The May 14, 2020 Amended Order of Referral to the Magistrate Judge for an inquest is hereby VACATED. (Signed by Judge Denise L. Cote on 6/16/2020) (jca)
|
|
Filing
211
ORDER: The Clerk of the Court entered default for failure to appear against Defendant Longfin Corp. on January 4, 2019 (Dkt. 112); Defendants Venkata S. Meenavalli and Vivek K. Ratakonda on April 4, 2019 (Dkt. 119); and Defendant Suresh Tammineedi o n June 12, 2019 (Dkt. 135) ("Defaulting Defendants"). By Order dated May 14, 2020, the Hon. Denise L. Cote, U.S.D.J., referred this matter to me to conduct an inquest concerning Plaintiffs' damages. (Dkt. 210.) Accordingly: 1. Required Submission: Plaintiffs shall serve Defaulting Defendants in the manner set forth in paragraph 7 below and file Proposed Findings of Fact and Conclusions of Law concerning all damages and any other monetary relief permitted under the entry of default judgment no later than June 26, 2020. Plaintiffs shall include with such service a copy of this Order. The submission shall contain a concluding paragraph that succinctly summarizes what damage amount (or other monetary relief) is being sought, i ncluding the exact dollar amount, a further set forth. 5. Defaulting Defendants' Response: Defaulting Defendants shall send to Plaintiffs' counsel and file with the Court their response, if any, to Plaintiffs' submissions no later th an July 24, 2020, as further set forth. 7. Service: Service of the documents to be served and filed by Plaintiffs on Defaulting Defendants shall be made using the method last used and approved by Judge Cote. Absent any previous approved method, Plai ntiffs shall serve Defaulting Defendants by certified mail to their last known address and by email to their last known email address, if any. 8. Courtesy Copies: A courtesy copy of any document filed with the Court shall be sent or delivered to the undersigned. SO ORDERED. (Signed by Magistrate Judge Robert W. Lehrburger on 5/15/2020) (mml)
|
|
Filing
210
ORDER: Accordingly, it is hereby ORDERED that a final version of Lead Plaintiffs proposed Class Notice, which includes revisions by the Court, is attached to this Order. IT IS FURTHER ORDERED that plaintiffs April 24, 2020 proposed schedule and pl an for disseminating class notice is approved. The Summary Notice filed with this Court as Exhibit B to Lead Plaintiffs April 24, 2020 filing, Dkt. No. 200, shall be sent to all class members with the Notice of Settlement that will be disseminated by the Securities and Exchange Commission ("SEC") in connection with Securities and Exchange Commission v. Longfin Corp., No. 18cv2977 (DLC) (S.D.N.Y. April 4, 2018), with Securities and Exchange Commission v. Longfin Corp., No. 19cv5296 (DLC) (S.D.N.Y. June 5, 2019). At that time, the Class Notice shall be published by Epiq Systems and Levi and Korsinsky, as well as published on a national wire service. IT IS FURTHER ORDERED that the opt-out period for class members shall close on 90 days from the mailing of the Summary Notice. IT IS FURTHER ORDERED that, by an accompanying Order of Reference, the claims against the Defaulting Defendants are referred to Magistrate Judge Lehrburger for an inquest on damages. (Signed by Judge Denise L. Cote on 5/14/2020) (jca)
|
|
Filing
203
ORDER: A telephone conference having been held today to discuss, among other things, plaintiff's proposed class notice, it is hereby ORDERED that plaintiff's revisions to the proposed class notice are due May 8, 2020. (Signed by Judge Denise L. Cote on 5/1/2020) (jca)
|
|
Filing
202
ORDER: The Court having received the plaintiff's submissions of April 24, 2020, it is hereby ORDERED that a telephone conference is scheduled for May 1, 2020 at 9:00 am. The dial-in credentials for the telephone conference are as follows: Dia l-in: 888-363-4749 Access code: 4324948 The parties shall use a landline if one is available. IT IS FURTHER ORDERED that the Securities and Exchange Commission ("SEC") is invited, but not required, to participate in the May 1 telephone conference in order to aid in the Courts understanding of these issues. (And as further set forth herein.) (Telephone Conference set for 5/1/2020 at 09:00 AM before Judge Denise L. Cote.) (Signed by Judge Denise L. Cote on 4/27/2020) (jca)
|
|
Filing
199
ORDER: The plaintiff having approved on April 14, 2020, the form of class notice provided by the Court on April 7, it is hereby ORDERED that by April 24, 2020, the plaintiff shall provide the Court with the following: a proposed order c ertifying a class, with the appropriate detailed findings; a proposed plan and schedule for providing notice to the class; a proposal for the administrator of the class action; a proposed schedule for class members opting out of the class act ion; a proposed schedule for the completion of proceedings in this action that incorporates the Scheduling Order issued by this Court on December 30, 2019; and a final notice to the class, in the form that plaintiff will provide to the class. (Signed by Judge Denise L. Cote on 4/20/2020) (mro)
|
|
Filing
197
ORDER: The Court having revised the plaintiff's proposed class notice filed on March 10, 2020, it is hereby ORDERED that any proposed revisions to the attached draft of the class notice are due April 17, 2020. (Signed by Judge Denise L. Cote on 4/7/2020) (jca)
|
|
Filing
195
ORDER: Accordingly, it is hereby ORDERED that, by March 13, 2020, the plaintiff shall file a letter explaining the need for subclasses. The plaintiff shall also address whether the subclasses require separate lead plaintiffs and separate representation. IT IS FURTHER ORDERED that, by March 13, 2020, the plaintiff shall file a proposed notice of class certification that includes an opportunity for potential class members to opt out. (Signed by Judge Denise L. Cote on 3/3/2020) (rro)
|
|
Filing
176
ORDER: This action was commenced on April 3, 2018. On July 27, 2018, plaintiffs filed a first amended complaint, and, on June 28, 2019, plaintiffs filed a second amended complaint. As set forth in plaintiffs December 11, 2019 letter to this Court, after the filing of the first amended complaint but before the filing of the second amended complaint, the Clerk of Court had entered default for failure to appear against defendants Longfin Corp., Venkata S. Meenavalli, Vivek K. Ratakonda, and Sures h Tammineedi (the defaulting defendants). The second amended complaint did not assert[] a new claim for relief against any of the defaulting defendants, and thus service of the second amended complaint on the defaulting defendants was not required. Fed. R. Civ. P. 5(a)(2). Defendant Andy Altahawi entered a notice of appearance and requested all pleadings be served on him through his counsel on October 9, 2018. Defendant Dorababu Penumarthi, proceeding pro se, entered a notice of appearance and consented to receive electronic service on May 5, 2019. Plaintiffs thus served the second amended complaint upon Altahawi and Penumarthi upon filing the complaint on ECF on June 28, 2019. See Fed. R. Civ. P. 5(2)(E). Altahawi and Penumarthi h ave not responded to the second amended complaint. Accordingly, it is hereby ORDERED that plaintiffs shall file a motion for default judgment against all of the defendants in this action by January 3, 2020, or this case shall be dismissed for failure to prosecute. (Signed by Judge Denise L. Cote on 12/16/2019) (gr)
|
|
Filing
172
ORDER....plaintiffs December 2, 2019 motion for reconsideration is denied. (Signed by Judge Denise L. Cote on 12/6/2019) (gr)
|
|
Filing
167
OPINION AND ORDER....The plaintiffs September 13, 2019 motion for relief from the July 29 Opinion is denied. The plaintiffs request for leave to amend their complaint also is denied. (Signed by Judge Denise L. Cote on 11/15/2019) (gr)
|
|
Filing
144
OPINION AND ORDER re: 122 MOTION for Leave to Appeal Pursuant to 28 U.S.C. section 1292(b) MOTION for Reconsideration re; 120 Memorandum & Opinion, filed by Network 1 Financial Securities, Inc. Network 1' s April 24, 2019 motion for reconsideration of the April 11 Opinion is granted and the claims against Network 1 are dismissed in their entirety. Because this Opinion grants Network 1's motion for reconsideration and dismisses the claims brought against it, there is no need to address its request to certify a question for appeal. Accordingly, Network 1's April 24 motion for certification is denied as moot. Network 1 Financial Securities, Inc. terminated. (Signed by Judge Denise L. Cote on 7/29/2019) (mml)
|
|
Filing
120
OPINION AND ORDER.......Network 1s September 25, 2018 motion to dismiss is granted as to the Section 12(a)(1) claim and denied as to the Section 10(b) and Rule 10b-5 claim. Penumarthis October 11 motion to dismiss and Tammineedis October 18 motion to dismiss are denied. (Signed by Judge Denise L. Cote on 4/11/2019) (gr)
|
Use the links below to access additional information about this case on the US Court's PACER system. A subscription to PACER is required.
Access this case on the New York Southern District Court's Electronic Court Filings (ECF) System
- Search for Party Aliases
- Associated Cases
- Attorneys
- Case File Location
- Case Summary
- Docket Report
- History/Documents
- Parties
- Related Transactions
- Check Status
Disclaimer: Justia Dockets & Filings provides public litigation records from the federal appellate and district courts. These filings and docket sheets should not be considered findings of fact or liability, nor do they necessarily reflect the view of Justia.
