UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA
January 21, 2010
IN RE IMMERSION CORPORATION DERIVATIVE LITIGATION
This Document Relates To: STIPULATION AND [PROPOSED] ORDER SETTING SCHEDULE FOR ALL ACTIONS FILING OF CONSOLIDATED DERIVATIVE COMPLAINT AND RESPONSES THERETO
(Civil L.R. 7-12)
Judge: The Honorable Maxine M. Chesney related derivative complaints as In re Immersion Corporation Derivative Litigation, Lead Case Feffer LLP as Co-Lead Counsel and Bramson, Plutzik, Mahler & Birkhaeuser as Liaison Ambler, Anne DeGheest, John Hodgman, Emily Liggett, Jack Saltich, Robert Van Naarden and nominal defendant Immersion Corporation ("Defendants") (collectively, the "Parties") to meet and confer following the appointment of a Lead Plaintiff and Lead Plaintiff's Counsel in the related In re Immersion Corporation Securities Litigation, Case No. 09-cv-04073-MMC (the "Related Securities Litigation") and submit a mutually agreeable schedule for the filing of a consolidated derivative complaint (the "Consolidated Derivative Complaint") and for the briefing of responses thereto;
WHEREAS, on November 17, 2009, this Court issued an order consolidating several No. 9-cv-04291-MMC, approving plaintiffs' selection of Johnson Bottini, LLP and Harwood Counsel, and directing plaintiffs and defendants Victor Viegas, Clent Richardson, Stephen
WHEREAS, on December 21, 2009, this Court issued an order appointing Lead Plaintiff and Lead Plaintiff's Counsel in the Related Securities Litigation and, pursuant to such order, on January 8, 2010, the parties in the Related Securities Litigation filed with the Court a stipulation and proposed order setting the schedule for the filing of a consolidated complaint and responses thereto, which stated that Lead Plaintiff shall file a consolidated complaint no later than 60 days after Immersion's anticipated restatement is filed with the Securities and Exchange Commission ("SEC"), but, absent further Order by the Court, in no event later than June 30, 2010;
announced that the Audit Committee of its Board of Directors was conducting an investigation into certain previous revenue transactions in Immersion's Medical line of business;
concluded that a restatement of the Company's previously issued consolidated financial statements as of and for the year ended December 31, 2008 and auditor's report thereon, and previously issued unaudited financial statements as of and for the periods ended March 31, 2009,
("Anticipated Restatement"); and (2) stated that it was diligently pursuing these matters and WHEREAS, on July 1, 2009, Immersion Corporation ("Immersion" or the "Company")
WHEREAS, on August 10, 2009, Immersion (1) announced that its Audit Committee December 31, 2008, September 30, 2008, June 30, 2008 and March 31, 2008, would be required intended to file its restatement as soon as reasonably practicable after the conclusion of the Audit Committee's investigation and analysis;
WHEREAS, on December 1, 2009, Immersion announced that it was working diligently towards filing its restatement with the SEC as soon as practicable; and
WHEREAS, because the Parties anticipate that Immersion's Anticipated Restatement may relate to matters underlying and/or relevant to the allegations in this action, the Parties respectfully submit that judicial resources and those of the Parties may be conserved and that judicial efficiency may be achieved if the Consolidated Derivative Complaint were permitted to be filed after the Anticipated Restatement.
IT IS ACCORDINGLY STIPULATED, pursuant to Civil L.R. 7-12, by and between undersigned counsel for the Parties that:
(i) Plaintiffs, through plaintiffs' Co-Lead Counsel, shall file a Consolidated Derivative Complaint no later than 90 days after the Anticipated Restatement is filed with the SEC, but, absent further Order by the Court, in no event later than July 30, 2010. The Consolidated Derivative Complaint will supersede all existing complaints filed in this action, and Defendants are not required to respond to any of the complaints filed in this action prior to the Consolidated Derivative Complaint;
(ii) The deadline for Defendants to move, answer or otherwise respond to the Derivative Consolidated Complaint shall be 60 days after the Consolidated Derivative Complaint is filed;
(iii) In the event Defendants move to dismiss the Consolidated Derivative Complaint, plaintiffs, through plaintiffs' Co-Lead Counsel, shall file their opposition(s) to Defendants' motion(s) no later than 60 days after such motion(s) are filed; and
(iv) In the event Defendants move to dismiss the Consolidated Derivative Complaint, Defendants shall file any replies to plaintiffs' opposition(s) to the motion(s) to dismiss no later than 40 days after such opposition(s) are filed.
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