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Meridian OHC Partners, LP v. Davis

United States District Court, D. Nevada

November 21, 2017

MERIDIAN OHC PARTNERS, LP, Plaintiff,
v.
MICHAEL A. DAVIS, an individual; and RUDOLF STEINER FOUNDATION, INC., d/b/a RSF SOCIAL FINANCE, a New York corporation, Defendants.

          Patrick B. Griffin, Esq. Brian C. Buescher, Esq. KUTAK ROCK LLP James D. Boyle, Esq. Hannah S. Goodwin, Esq. HOLLEY DRIGGS WALCH FINE WRAY PUZEY & THOMPSON Attorneys for Plaintiff Meridian OHC Partners, LP.

          I-Chi Lai, Esq. WILSON ELSER MOSKOWITZ EDELMAN & DICKER LLP Michael P. McCloskey, Esq. WILSON ELSER MOSKOWITZ EDELMAN & DICKER LLP Attorneys for Defendant Rudolf Steiner Foundation, Inc., d/b/a RSF Social Finance.

          Alex Fugazzi, Esq. V.R. Bohman, Esq. SNELL & WILMER, LLP Anna Erickson White, Esq. Robert W. May, Esq. MORRISON & FOERSTER, LLP Attorneys for Defendant Michael A. Davis.

          STIPULATION, JOINT MOTION AND [PROPOSED] ORDER STAYING PROCEEDINGS PENDING RESOLUTION OF THE PENDING MOTIONS TO DISMISS

         Pursuant to Local Rules IA 6-2 and 7-1, Plaintiff Meridian OHC Partners, LP (“Meridian”) and Defendants Michael A. Davis (“Davis”) and Rudolf Steiner Foundation, Inc., d/b/a RSF Social Finance (“RSF”) (collectively, the “Parties”) hereby stipulate to and respectfully move the Court for a stay of all proceedings and deadlines in this matter, including discovery, in light of the applicability of the statutory stay of discovery under the Private Securities Litigation Reform Act (15 U.S.C. § 78u-4) to the claims asserted in this action. In support of this Stipulation, the Parties state the following:

1. On or about April 14, 2017, Plaintiff filed its Third Amended Complaint and Jury Demand in the above-captioned matter (Doc. 75).
2. On or about May 18, 2017, Davis filed a Motion to Dismiss Plaintiff's Third Amended Complaint (Doc. 78).
3. On or about May 18, 2017, RSF filed a Motion to Dismiss Plaintiff's Third Amended Complaint (Doc. 79).
4. On or about June 15, 2017, Meridian filed its briefs in opposition to the Motions to Dismiss filed by both Davis and RSF (Docs. 81 and 82, respectively).
5. On or about June 29, 2017, Davis and RSF filed their reply briefs in support of their Motions to Dismiss (Docs. 94 and 93, respectively).
6. On or about September 8, 2017, the Parties filed a Stipulation and Order to Extend Expert Deadlines (Doc. 95), for the reason that the Parties were hoping to avoid unnecessary costs and expenses associated with engaging in discovery, in particular the extensive costs involved in retaining expert witnesses, before the pleadings are settled in this matter and would therefore inform the scope of discovery. The Stipulation was granted by the Court on September 11, 2017 (Doc. 98).
7. On or about October 6, 2017, the Parties filed a Stipulation and Order to Extend Scheduling Order Deadlines [ECF No. 980] (Doc. 100), for the reason that the Parties continued to hope to avoid unnecessary costs and expenses associated with engaging in discovery and retaining expert witnesses pending the Court's decision on the two fully briefed motions to dismiss. The Stipulation was granted by the Court on October 11, 2017 (Doc. 101).
8. The Parties agree that the mandatory statutory stay of discovery of the Private Securities Litigation Reform Act, 15 U.S.C.A. § 78u-4, applies to the claims asserted in this case because this action is a private action arising under the Securities Exchange Act of 1934.
9. The Parties stipulate and agree that all discovery in this matter should be stayed during the pendency of the motions to dismiss in accordance with 15 U.S.C. § 78u-4(b)(3)(B) which provides:
(B) Stay of discovery In any private action arising under this chapter, all discovery and other proceedings shall be stayed during the pendency of any motion to dismiss, unless the court finds upon the motion of any party that particularized discovery is necessary ...

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