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Carpenters Pension Fund of West Virginia v. Hong

United States District Court, Ninth Circuit

May 9, 2013

CARPENTERS PENSION FUND OF WEST VIRGINIA, Derivatively on Behalf of OMNIVISION TECHNOLOGIES, INC., Plaintiff,
v.
SHAW HONG, DWIGHT STEFFENSEN, JOSEPH JENG, HENRY YANG and WILLIAM HSU, Defendants. and OMNIVISION TECHNOLOGIES, INC., a Delaware corporation, Nominal Party.

DOUGLAS J. CLARK, State Bar No. 171499, CYNTHIA A. DY, State Bar No. 172761, THOMAS J. MARTIN, State Bar No. 150039, ANGIE YOUNG KIM, State Bar No. 270503, WILSON SONSINI GOODRICH & ROSATI Professional Corporation, Palo Alto, CA, Attorneys for Defendants, SHAW HONG, DWIGHT STEFFENSEN, JOSEPH JENG, HENRY YANG, WILLIAM HSU and Nominal Defendant OMNIVISION TECHNOLOGIES, INC.

Aelish M. Baig, San Francisco, CA, Benny C. Goodman III, Erik W. Luedeke, San Diego, CA, ROBBINS GELLER RUDMAN & DOWD LLP, Attorneys for Plaintiff Carpenters Pension Fund of West Virginia.

STIPULATION AND [] ORDER TO EXTEND TEMPORARY DEFERRAL OF PROSECUTION OF DERIVATIVE ACTION

RONALD M. WHYTE, District Judge.

STIPULATION

WHEREAS, on December 4, 2012, this Court entered a Stipulation and Order temporarily deferring prosecution of this derivative action until the Court ruled on the motion to dismiss in the action captioned In re OmniVision Technologies, Inc. Litigation, Case No. 5:11-cv-5235-RMW (N.D. Cal.) (the "Securities Case") [Dkt. No. 25];

WHEREAS, on March 29, 2013, this Court ruled on the motion to dismiss filed in the Securities Case;

WHEREAS, on April 18, 2013, the parties filed a Joint Status Report in this action notifying the Court that the parties were still conferring regarding these proceedings and the proceedings in similar derivative actions pending in the Delaware Court of Chancery ( Pope v. Hong, Civ. A. No. 7514-VCN), and California Superior Court, Santa Clara County ( In re OmniVision Technologies Derivative Litigation, Lead Case No. 1-12-CV-216875) and would file another status report by May 6, 2013 [Dkt. No. 26];

WHEREAS, while the instant action asserts different causes of action, it involves some of the same parties and factual allegations as the Securities Case;

WHEREAS, based on the circumstances unique to this action, and to avoid unnecessary expenditure of judicial resources prior to resolution of an anticipated summary judgment motion in the Securities Case, the parties to this action have agreed, subject to this Court's approval, to extend the temporary deferral of prosecution, including motion practice and discovery, in this action until such time as the United States District Court has issued an order ruling on the defendants' anticipated summary judgment motion in the Securities Case;

WHEREAS, the parties in the Pope and In re OmniVision derivative actions also have agreed to continue the deferral of prosecution or stay of proceedings in those actions;

NOW THEREFORE, the undersigned parties, by and through their counsel of record, hereby stipulate as follows:

1. The terms of the prior Stipulation and Order shall be extended pending entry of an order from the United States District Court ruling on defendants' anticipated motion for summary judgment in In re OmniVision Technologies, Inc. Litigation, Case No. 5:11-cv-5235-STIP. RMW (the "Ruling").

2. Within twenty (20) days following the Ruling, the parties to the above-captioned action shall meet and confer regarding further proceedings and submit a joint status report to the Court.

3. At any time during which the prosecution of this case is deferred pursuant to this Order, a party may file a motion with the Court seeking to modify the terms of the Order, which may be opposed by any other party. Any party filing a motion to modify the terms of the Order will provide at least thirty (30) days notice to all other parties to the action before filing such a motion.

[] ORDER

PURSUANT TO THE PARTIES' STIPULATION, IT IS HEREBY ORDERED THAT:

1. The terms of the prior Stipulation and Order shall be extended pending entry of an order from the United States District Court ruling on defendants' anticipated motion for summary judgment in In re OmniVision Technologies, Inc. Litigation, Case No. 5:11-cv-5235-RMW (the "Ruling").

2. Within twenty (20) days following the Ruling, the parties to the above-captioned action shall meet and confer regarding further proceedings and submit a joint status report to the Court.

3. At any time during which the prosecution of this case is deferred pursuant to this Order, a party may file a motion with the Court seeking to modify the terms of the Order, which may be opposed by any other party. Any party filing a motion to modify the terms of the Order will provide at least thirty (30) days notice to all other parties to the action before filing such a motion.


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