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City of Miami General Employees' & Sanitation Employees' Retirement Trust v. RH, Inc.

United States District Court, N.D. California

April 26, 2017

City of Miami General Employees' & Sanitation Employees' Retirement Trust, on behalf of itself and all others similarly situated, Plaintiff,
v.
RH, Inc., Gary Friedman, Karen Boone, Defendants. Peter J. Errichiello, Jr., Individually and on Behalf of All Others Similarly Situated, Plaintiff,
v.
RH, Inc., Gary Friedman, Karen Boone, Defendants.

          ORDER GRANTING PUBLIC SCHOOL TEACHERS' PENSION & RETIREMENT FUND OF CHICAGO AND ARKANSAS TEACHER RETIREMENT SYSTEM APPOINTMENT AS LEAD PLAINTIFF, APPROVAL OF SELECTION OF COUNSEL AND CONSOLIDATION OF RELATED ACTIONS

          YVONNE GONZALEZ ROGERS UNITED STATES DISTRICT COURT JUDGE

         Presently before the Court is the motion of Plaintiffs Public School Teachers Pension & Retirement Fund of Chicago and Arkansas Teacher Retirement System (“Chicago and Arkansas Teachers”) to: (1) appoint Chicago and Arkansas Teachers as Lead Plaintiff on behalf of all persons who purchased the common stock of RH, Inc. (“RH”) between March 26, 2015 and June 8, 2016; (2) approve selection of Bernstein Litowitz Berger & Grossmann LLP as Lead Counsel for the Class, pursuant to Section 21D(a)(3)(B) of the Securities Exchange Act of 1934, 15 U.S.C. § 78u-4(a)(3)(B) (the “Exchange Act”), as amended by the Private Securities Litigation Reform Act of 1995 (the “PSLRA”), and Rule 42 of the Federal Rules of Civil Procedure; and (3) consolidate related case Errichiello v. RH, Inc. Gary Friedman, Karen Boone, No. 3:17-cv-YGR-01425 (N.D.Cal.) with City of Miami General Employees' & Sanitation Employees' Retirement Trust v. RH, Inc., Gary Friedman, Karen Boone, No. 4:17-cv-00554-YGR (N.D.Cal.). (Dkt. No. 11, “Motion”). The Motion was filed on April 4, 2017. The Hulaj family filed a competing motion on the same day seeking to (1) appoint Steven Hulaj, Henrietta Hulaj, Blair Hulaj, and Kristen Hulaj as Lead Plaintiffs; (2) approve selection of Pomerantz LLP as Lead Counsel; and (3) consolidate the above-captioned actions. (Dkt. No. 15, Competing Motion).[1] No party opposes the consolidation.

         Based upon the matters submitted in connection with the motion: (1) Chicago and Arkansas Teachers are presumptively most adequate lead plaintiffs, as defined by the PSLRA, due to their alleged losses of approximately $3.6 million, suffered in connection with their purchases of RH common stock, as alleged in the action; and (2) Chicago and Arkansas Teachers have made a prima facie showing sufficient to satisfy the requirements of Rule 23(a) of the Federal Rules of Civil Procedure, as their claims as alleged are typical of other putative class members' claims, and the record before the Court indicates that they will fairly and adequately represent the putative class.

         The PSLRA further vests authority in the Lead Plaintiffs to select and retain lead counsel, subject to the approval of the Court. 15 U.S.C. § 78u-4(a)(3)(B)(v). Here, Chicago and Arkansas Teachers have selected Bernstein Litowitz Berger & Grossmann LLP as Lead Counsel for the Class, and that firm appears to be experienced, well-qualified counsel.

         Having carefully considered the papers submitted and the pleadings in this action, and for the reasons set forth below, the Court Orders as follows:[2]

         1. The Motion is Granted.

         2. The above-captioned actions are consolidated for all purposes (the “Consolidated Action”). This Order (the “Order”) shall apply to the Consolidated Action and to each case that relates to the same subject matter that is subsequently filed in this Court or is transferred to this Court, and is subsequently consolidated with the Consolidated Action.

         3. A Master File is established for the Consolidated Action. The Master File number shall be 4:17-cv-00554. All filings in the Consolidated Action shall be made solely within the Master File. Docket 17-cv-01425 shall be administratively closed.

         4. Every pleading in the Consolidated Action shall have the following caption:

         IN R RH, INC. SECURITIES LITIGATION : Case No. 4:17-00554 YGR

         5. To the extent future cases are filed that may be related, the parties shall follow the procedures outlined in Civil Local Rule 3-12. The parties may also file stipulations or motions to consolidate if appropriate.

         6. Chicago and Arkansas Teachers is appointed to serve as Lead Plaintiff in the Consolidated Action pursuant to 15 U.S.C. § 78u-4(a)(3)(B). See In re Diamond Foods, Inc., Sec. Litig., 281 F.R.D. 405, 410 (N.D. Cal. 2012).

         7. Chicago and Arkansas Teachers selection of Bernstein Litowitz Berger & Grossmann LLP as Lead Counsel for the Class is approved pursuant to 15 U.S.C. § 78u-4(a)(3)(B)(v). Lead Counsel shall have the authority to speak for all Plaintiffs and Class members in all matters regarding the litigation, including, but not limited to, pretrial proceedings, motion practice, trial, and settlement. Lead Counsel shall make all work assignments in such a manner as to facilitate the orderly and efficient prosecution ...


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