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Kluge v. Lee

United States District Court, D. Nevada

November 21, 2017

VALERIE KLUGE, Derivatively on behalf of Nominal Defendant,
v.
ROBERT LEE, STEVEN ROBERTS, EDWARD TED YEW, JON TONDEUR AND BRIAN MORALES, Defendants, ZOOMPASS HOLDINGS INC., Plaintiff, and OOMPASS HOLDINGS, INC. Nominal Defendant.,

          G. Mark Albright, FARUQI & FARUQI LLP, Stuart J. Guber, Nina M. Varindari, Attorneys for Plaintiff.

          Pat Lundvall, McDonald Carano LLP, James V. Masella, III, Jesse A. Townsend, PATTERSON BELKNAP WEBB & TYLER LLP., Attorneys for Defendants Robert Lee, Steven Roberts, Edward Yew, Jon Tondeur, and Brian Morales and Nominal Defendant Zoompass Holdings, Inc.

          STIPULATION AND [PROPOSED] ORDER CONCERNING SERVICE OF PROCESS AND STAYING PROCEEDINGS

         WHEREAS Plaintiff Valerie Kluge filed her Complaint on October 4, 2017 in which she alleged, among other things, breaches of fiduciary duty, unjust enrichment, and waste of corporate assets derivatively on behalf of Nominal Defendant Zoompass Holdings, Inc. (the ''Nominal Defendant") against Defendants Robert Lee, Steven Roberts, Edward Yew, Jon Tondeur, and Brian Morales (collectively, the "Individual Defendants, " and together with the Nominal Defendant, the "Defendants");

         WMERHAS pending before the United States District Court for the District of New Jersey is Pate! v. Zoompass Holdings, Inc., 2:17-cv-03831 (the "Securities Class Action"), a putative class action alleging violations of the Securities Exchange Act of 1934 and regulations promulgated thereunder;

         WHEREAS the parties to the Securities Class Action have stipulated that the plaintiff shall file an Amended Complaint on or before November 20, 2017 and that the defendants shall answer, move, or otherwise respond to said Amended Complaint on or before 60 days from the filing of the Amended Complaint;

         WHEREAS Plaintiffs Complaint in the above-captioned matter alleges certain misconduct that is similar to the misconduct alleged in the Securities Class Action; and

         WHEREAS Plaintiff, the Individual Defendants, and the Nominal Defendant wish to promote the efficient and orderly administration of justice by coordinating this derivative action with the above-captioned derivative matter with the Securities Class Action while simultaneously litigating the Securities Class Action.

         NOW, THEREFORE, IT IS HEREBY STIPULATED AND AGREED by and between the undersigned counsel for the Plaintiff, the Individual Defendants, and the Nominal Defendant, that:

         (1) The undersigned counsel for the Individual Defendants hereby accept service of the Complaint filed in the above-captioned matter on behalf of all Defendants, including the Individual Defendants, as of the date set forth below;

         (2) By authorizing their counsel to accept service on their behalf, the Individual Defendants waive any and all objections to the absence of a summons or of service, but do not waive any other defense, objection, or ground for dismissal that they may have otherwise raised in response to this action, including but not limited to any objection to the Court's jurisdiction or venue of the action.

         (3) All activity in the above-captioned matter shall be stayed, and the Defendants shall need not answer, move, or otherwise respond to Plaintiffs Complaint, or any amended complaint, during the pendency of the stay;

         (4) Should any of the Defendants produce during the pendency of the stay any documents to any plaintiffs in the Securities Class Action, to any plaintiffs in any related derivative actions, or to any purported shareholders who made a books and records demand. Defendants will produce to Plaintiff a copy of the same documents, subject to the parties entering into a confidentiality agreement and/or protective order;

         (5) During the pendency of the stay. Defendants shall include Plaintiff in any mediation and any formal settlement talks with the plaintiffs in the Securities Class Action and shall include Plaintiff in any mediation and any formal settlement talks with any plaintiff in any related derivative lawsuit;

         (6) Plaintiff may lift the stay of the above-captioned matter at any time by (i) making a request to the Court, and (ii) by transmitting notice to counsel for the nominal ...


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