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In re Millennial Media, Inc.

United States District Court, S.D. New York

February 10, 2015

IN RE MILLENNIAL MEDIA, INC. SECURITIES LITIGATION; PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF MISSISSIPPI, individually and on behalf of all others similarly situated, Plaintiff,

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[Copyrighted Material Omitted]

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February 10, 2015, Decided

For Public Employees Retirement System of Mississippi, individually and on behalf of all others similarly situated, Lead Plaintiff (1:14-cv-07923-PAE): Avi Josefson, Gerald H. Silk, LEAD ATTORNEYS, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Christopher J. Keller, Eric James Belfi, LEAD ATTORNEYS, Labaton Sucharow, LLP, New York, NY; Michael Walter Stocker, LEAD ATTORNEY, Labaton & Sucharow LLP (NYC), New York, NY.

For Selz Funds, Lead Plaintiff (1:14-cv-07923-PAE): Solomon B. Cera, Thomas C. Bright, LEAD ATTORNEYS, Gold Bennett Cera & Sidener, LLP, San Francisco, CA.

For Travis Ostroviak, individually and on behalf of all others similarly situated, Consolidated Plaintiff (1:14-cv-07923-PAE): Francis Paul McConville, Jeremy Alan Lieberman, LEAD ATTORNEYS, Pomerantz LLP, New York, NY.

For Jien-Ning Kang, Marvin Christensen, Michelle Dayan, Movants (1:14-cv-07923-PAE): Adam M. Apton, Levi & Korsinsky LLP (DC), Washington, DC.

For Millennial Media, Inc., Paul J. Palmieri, Michael B. Avon, Andrew J. Jeanneret, Michael Barrett, Robert P. Goodman, Arun Gupta, Patrick J. Kerins, Alan Macintosh, Jr. John D. Markley, Wenda H. Millard, James A. Tholen, George Zachary, Defendants (1:14-cv-07923-PAE): Lyle Roberts, LEAD ATTORNEY, PRO HAC VICE, Cooley LLP (DC), Washington, DC.

For Travis Ostroviak, individually and on behalf of all others similarly situated, Plaintiff (1:14-cv-08330-PAE): Francis Paul McConville, Jeremy Alan Lieberman, LEAD ATTORNEYS, Pomerantz LLP, New York, NY.

For Jien-Ning Kang, Movant (1:14-cv-08330-PAE): Adam M. Apton, Levi & Korsinsky LLP (DC), Washington, DC.

For Millennial Media, Inc., Paul J. Palmieri, Michael B. Avon, Andrew J. Jeanneret, Michael Barrett, Defendants (1:14-cv-08330-PAE): Lyle Roberts, LEAD ATTORNEY, Cooley LLP (DC), Washington, DC.

PAUL A. ENGELMAYER, United States District Judge.

OPINION BY: PAUL A. ENGELMAYER

OPINION

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OPINION & ORDER

PAUL A. ENGELMAYER, District Judge:

In fall 2014, the above two putative class actions were filed, under the federal securities laws, on behalf of all purchasers of Millennial Media, Inc. (" MM" ) securities between March 28, 2012 and May 7, 2014. In each, plaintiffs claim that MM and the individual defendants (directors, officers, and executives of MM) made false and misleading statements about the company's technological capacities and outlook, which artificially inflated the prices of MM stock. They further allege that, when the stock's price later dropped sharply over a series of dates, harming shareholders, it did so in response to disclosures as to MM's disappointing earnings and its deteriorating outlook, which operated as corrective disclosures of MM's earlier false and misleading statements.

Pending before the Court are two sets of motions. One, which is unopposed, is to consolidate these related actions. The other consists of motions from five investors, each seeking appointment as lead plaintiff (or co-lead plaintiff) and appointment of their respective attorneys as lead counsel (or co-lead counsel). These five movants are: (1) the Public Employees' Retirement System of Mississippi (" Mississippi" ), a pension plan; (2) the " Selz Funds," four separate investment vehicles overseen by Bernard Selz (he is settlor, director, or managing member of each); (3) Marvin Christensen and Michelle Dayan (" Christensen" ); (4) Chu-Ying Tou and Jien-Ning Kang (" Kang" ); and (5) Travis Ostroviak (" Ostroviak" ).[1] Mississippi and the Selz Funds have also proposed to serve together as co-lead plaintiffs and to have their respective attorneys appointed as co-lead counsel.

For the reasons that follow, the Court (1) consolidates these two actions, (2) appoints Mississippi and the Selz Funds as co-lead plaintiffs, and (3) appoints as co-lead counsel the respective attorneys for Mississippi and for the Selz Funds: Bernstein Litowitz Berger & Grossman LLP, Labaton Sucharow LLP, and Gold Bennett Cera & Sidener LLP.

I. Background[2]

Defendant MM is a digital advertising company that provides services to developers and advertisers. Mississippi Compl. ¶ ¶ 5-6; Ostroviak Compl. ¶ ¶ 4-5. Its advertising services focus on the mobile computing segment. These include smartphones that run the operating systems for the iPhone and the Android. Mississippi Compl. ¶ 5; Ostroviak Compl. ¶ 4.

Central to MM's business model has been the promise that its technology " provides an easy and effective way for developers of applications for mobile devices to

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integrate [MM's] advertising mechanism into their software, and track and generate accurate reports of results for advertisers' campaigns." Mississippi Compl. ¶ 6; Ostroviak Compl. ¶ 5. Plaintiffs allege that, for years, MM publicly " touted its proprietary technology and data platform, referred to as 'MYDAS,' as a solution for both application developers and advertisers," and touted MYDAS as enabling " (1) the easy and effective integration of Millennial Media advertising into mobile applications by developers; and (2) the flexible targeting and ...


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