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Forrester v. Forterra, Inc.

United States District Court, E.D. New York

July 24, 2018

CHARLES FORRESTER, Individually and on Behalf of All Others Similarly Situated, Plaintiff,
v.
FORTERRA, INC., JEFFREY BRADLEY, WILLIAM MATTHEW BROWN, LORI M. BROWNE, KYLE S. VOLLUZ, KEVIN BARNER, ROBERT CORCORAN, SAMUEL D. LOUGHLIN, CLINT MCDONNOUGH, JOHN MCPHERSON, CHRIS MEYER, JACQUES SARRAZIN, CHADWICK SUSS, GRANT WILBECK, FORTERRA U.S. HOLDINGS, LLC, MID HOLDINGS, CONCRETE HOLDINGS, LSF9 CONCRETE LTD., LSF9 CONCRETE II LTD., STARDUST HOLDINGS, LSF9 STARDUST GP, LLC, LONE STAR FUND IX U.S., L.P., LONE STAR PARTNERS DC, L.P., LONE STAR MANAGEMENT CO. IX, LTD., JOHN P. GRAYKEN, GOLDMAN, SACHS & CO., CITIGROUP GLOBAL MARKETS INC., and CREDIT SUISSE SECURITIES USA LLC, Defendants. SUPANIN DISAYAWATHANA, Individually and on Behalf of All Others Similarly Situated, Plaintiff,
v.
FORTERRA, INC., JEFFREY BRADLEY, WILLIAM MATTHEW BROWN, LORI M. BROWNE, KYLE S. VOLLUZ, KEVIN BARNER, ROBERT CORCORAN, SAMUEL D. LOUGHLIN, CLINT MCDONNOUGH, JOHN MCPHERSON, CHRIS MEYER, JACQUES SARRAZIN, CHADWICK SUSS, GRANT WILBECK, GOLDMAN, SACHS & CO., CITIGROUP GLOBAL MARKETS INC. and CREDIT SUISSE SECURITIES (USA) LLC, Defendants. MATTHEW SPINDLER, Individually and on Behalf of All Others Similarly Situated, Plaintiff,
v.
FORTERRA, INC., JEFFREY BRADLEY, WILLIAM MATTHEW BROWN, LORI M. BROWNE, KYLE S. VOLLUZ, KEVIN BARNER, ROBERT CORCORAN, SAMUEL D. LOUGHLIN, CLINT MCDONNOUGH, JOHN MCPHERSON, CHRIS MEYER, JACQUES SARRAZIN, CHADWICK SUSS and GRANT WILBECK Defendants.

          ROBBINS GELLER RUDMAN & DOWDLLP ROBBINS GELLER RUDMAN & DOWD LLP Mary K. Blasy Samuel H. Rudman Attorneys for Plaintiff Charles Forrester

          GLANCY PRONGAY & MURRAY LLP Joshua L. Crowell Attorneys for Plaintiff Supanin Disayawathana and Lead Plaintiff Movant Wladislaw Maciuga

          POMERANTZ LLP J. Alexander Hood Jeremy Alan Lieberman Attorneys for Plaintiff Matthew Spindler

          SIDLEY AUSTIN LLP Melissa Co16n-Bosolet Yvette Ostolaza Angela C. Zambrano Yolanda C. Garcia Attorneys for Forterra, Inc., Jeffrey Bradley, Lori M Browne, Kyle S. Volluz, Kevin Barner, Robert Corcoran, Samuel D. Loughlin, Clint McDonnough, John McPherson, Chris Meyer, Chadwick Suss, Grant Wilbeck

          AKIN GUMP STRAUSS HAUER & FELD LLP Dean L. Chapman Jr., Esq. One Bryant Park Counsel/or Defendant William Matthew Brown

          VINSON & ELKINS LLP Clifford Thau Michael C. Holmes Matthew W. Moran Trammell Crow Center Attorneys for Forterra U.S. Holdings, LLC, Mid Holdings, Concrete Holdings, LSF9 Concrete Ltd., LSF9 Concrete II Ltd., Stardust Holdings, LSF9 Stardust GP, LLC, Lone Star Fund IX (US.), L.P., Lone Star Partners IX, L.P., Lone Star Management Co. IX, Ltd, and John P. Grayken

          MILBANK, TWEED, HADLEY & McCLOYLLP Scott A. Edelman Jed M. Schwartz Attorneys for Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC

          STIPULATION AND [PROPOSED] ORDER CONSOLIDATING RELATED ACTIONS AND FOR THE WITHDRAWAL OF APPEARANCES OF NAMED PLAINTIFFS

         WHEREAS, on August 14, 2017, Plaintiff Charles Forrester filed a putative class action complaint herein asserting claims pursuant to §§ 11 and 15 of the Securities Act of 1933 (the "Forrester Action") on behalf of purchasers in Forterra's October 21, 2016 initial public stock offering ("IPO"); and

         WHEREAS, on August 16, 2017, Plaintiff Supanin Disayawathana filed a related putative class action complaint also asserting claims pursuant to the Securities Act of 1933 on behalf of purchasers in Forterra's IPO and additional claims pursuant to §§ 10(b) and 20(a) of the Securities and Exchange Act of 1934 on behalf of purchasers during a related class period (the "Disayawathana Action"); and

         WHEREAS, on August 23, 2017, Plaintiff Matthew Spindler filed a third related putative class action complaint herein also asserting claims pursuant to the Securities Act of 1933 and the Securities and Exchange Act of 1934 (the "Spindler Action"); and

         WHEREAS, the claims asserted in the Forrester, Disayawathana and Spindler Actions (the "Related Actions") are all related in that they are brought on behalf of purchasers of Forterra securities during overlapping time periods, name similar defendants and make similar claims;

         WHEREAS, the claims asserted in the Related Actions are all also governed by the Private Securities Litigation Reform Act (the "PSLRA"), 15 U.S.C. § 77z-1 et seq., which calls for the consolidation of all such related actions and provides for a procedure for the appointment by the Court of lead plaintiff(s) and lead counsel to represent the putative class; and WHEREAS, motions for the consolidation of the Related Actions and the appointment of a lead plaintiff and the Court's approval of the lead plaintiffs selection of lead counsel were filed herein on October 13, 2017 (see Forrester Action Dkt. Nos. 48-54);

         WHEREAS, by November 3, 2017, all competing motions for appointment of lead plaintiff other than that of Movant Wladislaw Maciuga had been withdrawn and Movant Wladislaw Maciuga notified the Court that his motion for appointment as lead plaintiff was unopposed (see Forrester Action Dkt. No. 60); and

         WHEREAS, Plaintiff Charles Forrester seeks to withdraw as a named plaintiff in the Related Actions, while remaining an absent class member, and his counsel of record, Robbins Geller Rudman & Dowd LLP and Holzer & Holzer ...


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