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In re Longtop Financial Technologies Limited Securities Litigation

United States District Court, Second Circuit

July 10, 2013

IN RE LONGTOP FINANCIAL TECHNOLOGIES LIMITED SECURITIES LITIGATION

Gregory M. Castaldo, Esq., Kimberly A. Justice, Esq., Richard A. Russo, Esq., Margaret E. Onasch, Esq., Kessler Topaz Meltzer & Check, LLP, Radnor, PA., for Plaintiffs.

Derek Palaschuk, Vancouver BC, Canada,

Daniel L. Berger, Esq., Deborah A. Elman, Esq., Grant & Eisenhoffer, P.A., New York, NY, for Defendant Palaschuk (Pro Se):.

MEMORANDUM OPINION AND ORDER

SHIRA A. SCHEINDLIN, District Judge.

I. INTRODUCTION

This putative securities class action is the result of defendants' alleged material misrepresentations and omissions made between February 21, 2008 and May 17, 2011 (the "Class Period) concerning the financial well-being of Longtop Financial Technologies Limited ("Longtop"). Plaintiffs have brought claims under sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.[1]

Lead Plaintiffs Danske Invest Management A/S ("Danske") and Pension Funds of Local No. One, I.A.T.S.E. ("Local One") have filed an unopposed motion seeking: (1) certification of a class of Longtop investors; (2) appointment of Lead Plaintiffs as Class Representatives; and (3) appointment of Lead Counsel[2] as Class Counsel. For the reasons that follow, their motion is granted in its entirety.

II. PROCEDURAL HISTORY

On November 18, 2011, Lead Plaintiffs filed a Consolidated Class Action Complaint asserting claims under sections 10(b) and 20(a) of the Securities Exchange Act of 1934. On April 23, 2012, defendant Derek Palaschuk ("Palaschuk"), the only defendant to have appeared in this action, filed a motion to dismiss the Consolidated Class Action Complaint which was denied, in large part, on June 29, 2012.

On December 14, 2012, Lead Plaintiffs filed an Amended Consolidated Class Action Complaint against Longtop, Palaschuk, Lian Weizhou ("Lian") and Deloitte Touche Tohmatsu CPA Limited (DTT"). Palaschuk answered the Amended Complaint on December 14, 2012. On April 8, 2013, DTT was dismissed from this lawsuit. Defendants Longtop and Lian have failed to appear.

On June 21, 2013, Lead Plaintiffs filed an Unopposed Motion for Class Certification and Appointment of Class Representatives and Class Counsel (the "Motion").[3] Lead Plaintiffs seek certification of the following class of Longtop Investors (the "Class") pursuant to Federal Rule of Civil Procedure 23 ("Rule 23"):

All persons and entities who purchased or otherwise acquired Longtop ADSs during the period from February 21, 2008 through May 17, 2011, inclusive, and were damaged thereby. Excluded from the Class are Defendants, present or former executive officers of Longtop, present or former members of Longtop's Board of Directors, and their immediate family members (as defined in 17 C.F.R. ยง 229.404, Instructions).

In addition, Lead Plaintiffs seek to be appointed as Class Representatives and seek the appointment of Kessler ...


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