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In re Diamond Resorts International, Inc. Securities Litigation

United States District Court, D. Nevada

October 4, 2019

IN RE DIAMOND RESORTS INTERNATIONAL, INC. SECURITIES LITIGATION

          SNELL & WILMER L.L.P. John S. Delikanakis, Esq. (NV Bar No. 5928) David L. Edelblute, Esq. (NV Bar No. 14049) PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP Lewis R. Clayton, Esq. (admitted pro hac vice) Robert N. Kravitz, Esq. (admitted pro hac vice) Attorneys for Defendant Diamond Resorts International, Inc. and Jared Finkelstein.

          PISANELLI BICE PLLC Todd L. Bice (NV Bar No. 4534) Ava M. Schaefer (NV Bar No. 12698) MILBANK LLP Scott Edelman (admitted pro hac vice) Alan Stone (admitted pro hac vice) Attorneys for David Berkman.

          BROWNSTEIN HYATT FARBER SCHRECK, LLP GIBSON, DUNN & CRUTCHER LLP Mitchell A. Karlan (admitted pro hac vice) Jefferson E. Bell (admitted pro hac vice) Brad Schoenfeldt (admitted pro hac vice) Brian Lutz (admitted pro hac vice) Attorneys for Richard M. Daley, Frankie Sue Del Papa, Jeffrey W. Jones, David Palmer, Hope S. Taitz, Zachary D. Warren and Robert Wolf.

          ALBRIGHT, STODDARD, WARNICK & ALBRIGHT Mark Albright, Esq., (NV Bar No. 01394) Jorge L. Alvarez, Esq., (NV Bar No. 014466) Liaison Counsel for the Class.

          LABATON SUCHAROW LLP Carol C. Villegas (admitted pro hac vice) Jake Bissell-Linsk (admitted pro hac vice) Attorneys for Lead Plaintiffs Nantahala Capital Management, LLC and Lead Counsel for the Class.

          THE LAW OFFICE OF JO ANN PALCHAK, P.A. Jo Ann Palchak, Esq. (admitted pro hac vice) Counsel for Lead Plaintiff ODS Capital LLC.

          JOINT STIPULATION AND [PROPOSED] ORDER

         WHEREAS, Defendant Stephen J. Cloobeck filed his answer to the Amended Complaint on March 25, 2019 (ECF No. 52);

         WHEREAS, Defendants Diamond Resorts International, Inc., David J. Berkman, Richard M. Daley, Frankie Sue Del Papa, Jeffrey W. Jones, David Palmer, Hope S. Taitz, Zachary D. Warren, Robert Wolf, and Jared T. Finkelstein moved to dismiss this action on May 9, 2019 (ECF Nos. 65 and 66), which motion remains pending;

         WHEREAS, counsel for Plaintiffs, counsel for Defendants, and counsel for the plaintiff in another putative class action (related to the events at issue in this action) in the Delaware Court of Chancery entitled Appel v. Berkman, C.A. No. 12844-VCMR (the “Delaware Action”), have been engaged in discussions concerning a settlement that would resolve both this action and the Delaware Action;

         WHEREAS, the discussions concerning settlement (referenced above) have included discussion of the possibility of administering a single settlement through the Delaware Action, subject to approval by the court in the Delaware Action;

         WHEREAS, this stipulation does not admit or imply anything about any party's ultimate willingness to settle this action, aside from the fact that good faith discussions concerning settlement have occurred;

         WHEREAS, the parties to this stipulation believe that staying this action would be a prudent use of judicial resources;

         IT IS HEREBY STIPULATED AND AGREED, by and between the attorneys for the ...


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