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1
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PLAINTIFF-APPELLANT OPENING BRIEF
|
EXTRACTED KEY WORDS
DISTRICT COURT FACTS MISLEADING ALLEGATIONS INSIDER COMPLAINT REPRESENTATIONS BIGFOOT DRIVES ALLEGE QUANTUM PLAINTIFF CIR SHARES REASONS INSIDER TRADING UNITED STATES OEM SAN FRANCISCO SUPPLEMENTAL EVIDENTIARY FACTS CLASS PERIOD PROFIT SHARING PLAN DISCLOSURES PROJECTIONS CONTEMPORANEOUS FACTS HOWARD GUNTY OPTIMISTIC STATEMENTS MANUFACTURERS TECHNICAL PROBLEMS ASSERTIONS |
No. 98-15935
UNITED STATES COURT OF APPEALS
FOR THE NINTH CIRCUIT
____________________
HOWARD GUNTY, INC. PROFIT SHARING PLAN, On Behalf
of Itself and All Others Similarly Situated,
Plaintiff-Appellant
vs.
QUANTUM CORPORATION, et al.,
Defendants-Appellees.
____________________
Appeal from the United States District Court
for the Northern District of California
No. C-96-20711-SW(EAI)
The Honorable Spencer Williams
PLAINTIFF-APPELLANT'S OPENING BRIEF
MILBERG WEISS BERSHAD STULL STULL & BRODY
HYNES & LERACH LLP JULES BRODY
WILLIAM S. LERACH 6 East 45th Street
LEONARD B. SIMON 4th Floor
ERIC A. ISAACSON New York, NY 10017
JOSEPH D. DALEY Telephone: 212/687-7230
600 West Broadway, Suite 1800
San Diego, CA 92101 SCHIFFRIN CRAIG &
Telephone: 619/231-1058 BARROWAY, LLP
- and - RICHARD S. SCHIFFRIN
REED R. KATHREIN Three Bala Plaza East
JEFFREY W. LAWRENCE Suite 400
JOHN K. GRANT Bala Cynwyd, PA 19004
222 Kearny Street, 10th Floor Telephone: 610/667-7706
San Francisco, CA 94108
Telephone: 415/288-4545
Counsel for Plaintiff-Appellant
SNIPPETS:
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2
.
ORDER
|
EXTRACTED KEY WORDS
COURT GUNTY LEAD PLAINTIFF DEFENDANTS APPOINTMENT ADEQUATE MOTION MEMBERS ACT PRESUMPTION MOVING PAPERS QUANTUM STANDING REPRESENTING PARTY REFORM ACT STOCK COMPLAINT CERTIFICATION LEAD COUNSEL DETERMINATION PURSUANT SECURITIES ASSERT SATISFACTION SHOWING SHARES ADOPT |
UNITED STATES DISTRICT COURT
FOR THE NORTHERN DISTRICT OF CALIFORNIA
HOWARD GUNTY PROFIT SHARING,) Civil No. 96-20711 SW
on behalf of itself and all )
others similarly situated ) ORDER REQUIRING FURTHER
) INFORMATION FOR PLAINTIFF'S
Plaintiff, ) MOTION TO BE APPOINTED LEAD
) PLAINTIFF PURSUANT TO SECTION
v. ) 21D(a)(3)(B) OF THE
) SECURITIES EXCHANGE ACT
QUANTUM CORPORATION, )
et al., ))
Defendants. )
____________________________)
Plaintiff Howard Gunty Profit Sharing (Gunty") has moved
to be appointed Lead Plaintiff in this action and for Milberg
Weiss Bershad Hynes & Lerach to be appointed Lead Counsel
pursuant to the Private Securities Litigation Reform Act of
1995 (the "Reform Act"). Defendants have challenged the motion
to appoint Gunty as lead plaintiff asserting that the moving
papers do not set forth sufficient information about Howard
Gunty Profit Sharing and its transactions involving Quantum
Corporation stock. In reply, Plaintiff's assert that Defendants
do not have standing to object to Plaintiff's motion and that,
in any event, it has satisfied the requirements of the Reform
Act.
After considering the papers and arguments of counsel, the
SNIPPETS:
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3
.
OPPOSITION TO MOTION TO DISMISS
|
EXTRACTED KEY WORDS
PLAINTIFF COMPLAINT QUANTUM STANDARD SCIENTER ALLEGES MOTION FACTS DISMISS COURT CIR RECKLESSNESS SAN FRANCISCO BIGFOOT DRIVES SALES COMPLAINT ADEQUATELY ALLEGES ALLEGATIONS STULL ADEQUATELY ALLEGES FALSITY LERACH LLP JULES BRODY MISREPRESENTATIONS REPRESENTATIONS JUDICIAL NOTICE SCHIFFRIN BALA PLAZA EAST SECURITIES PLEADING STANDARD MATERIAL ADVERSE EFFECT |
Plaintiff's Opposition to Defendants' Motion to Dismiss
MILBERG WEISS BERSHAD
HYNES & LERACH LLP
REED R. KATHREIN (139304)
JEFFREY W. LAWRENCE (166806)
JOHN K. GRANT (169813)
222 Kearny Street, 10th Floor
San Francisco, CA 94108
Telephone: 415/288-4545
- and -
WILLIAM S. LERACH (68581)
600 West Broadway, Suite 1800
San Diego, CA 92101
Telephone: 619/231-1058
STULL, STULL & BRODY
JULES BRODY
6 East 45th Street
4th Floor
New York, NY 10017
Telephone: 212/687-7230
SCHIFFRIN & CRAIG, LTD.
RICHARD S. SCHIFFRIN
Three Bala Plaza East
Suite 400
Bala Cynwyd, PA 19004
Telephone: 610/667-7706
Attorneys for Plaintiff
UNITED STATE DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SAN JOSE DIVISION
SNIPPETS:
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4
.
LITIGANTS
|
EXTRACTED KEY WORDS
NORTHERN DISTRICT CALIFORNIA SAN JOSE |
5:96cv20711 Howard Gunty Profit v. Quantum Corporation, et al
APPEAL
TERMED
APPEAL
U.S. District Court
U.S. District for the Northern District of California (San Jose)
HOWARD GUNTY PROFIT SHARING, William S. Lerach
on behalf of itself and all [COR LD NTC]
others similarly situated Milberg Weiss Bershad Hynes &
Plaintiff Lerach LLP
600 W Broadway Ste 1800
One America Plaza
San Diego, CA 92101
(619) 231-1058
v.
QUANTUM CORPORATION Boris Feldman
defendant [COR LD NTC]
Aileen L. Arrieta
[COR LD NTC]
Wilson Sonsini Goodrich &
Rosati
650 Page Mill Road
Palo Alto, CA 94304-1050
650-493-9300
MICHAEL A. BROWN Aileen L. Arrieta
defendant (See above)
[COR LD NTC]
WILLIAM F. ROACH Aileen L. Arrieta
defendant (See above)
[COR LD NTC]
YOUNG K. SOHN Aileen L. Arrieta
defendant (See above)
[COR LD NTC]
SNIPPETS:
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5
.
DEFENDANTS-APPELLEES ANSWERING BRIEF
|
EXTRACTED KEY WORDS
QUANTUM COMPLAINT DEFENDANTS REFORM ACT COURT FACTS PLEADING FRAUD CIRCUIT FAILS DISTRICT COURT STANDARD ALLEGATIONS BIGFOOT DRIVES CIR DISCLOSURES PLAINTIFFS CHALLENGED STATEMENTS PROFIT SHARING PLAN JUDGE WILLIAMS STOCK SALES PROJECTION CCH UNITED STATES PARTICULARITY RISK DISCLOSURES CLASS PERIOD CONCLUSORY ALLEGATIONS INSUFFICIENT |
No. 98-15935
UNITED STATES COURT OF APPEALS
FOR THE NINTH CIRCUIT
HOWARD GUNTY, INC. PROFIT SHARING PLAN, On Behalf
of Itself and All Others Similarly Situated,
Plaintiff-Appellant
v.
QUANTUM CORPORATION, et al.,
Defendants-Appellees.
____________________
Appeal from the United States District Court
for the Northern District of California
No. C-96-20711-SW (EAI)
The Honorable Spencer Williams
DEFENDANTS-APPELLEES' ANSWERING BRIEF
WILSON SONSINI GOODRICH & ROSATI, P.C.
BORIS FELDMAN
AILEEN L. ARRIETA
ELLEN H. SOLOMON
DOROTHY L. FERNANDEZ
650 Page Mill Road
Palo Alto, CA 94034-1050
(650) 493-9300
Counsel for Defendants-Appellees
QUANTUM CORPORATION, et al.
TABLE OF CONTENTS
CORPORATE DISCLOSURE STATEMENT
TABLE OF AUTHORITIES
SNIPPETS:
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6
.
DECLARATION OF JOHN K GRANT
|
EXTRACTED KEY WORDS
SAN FRANCISCO CALIFORNIA JOHN GRANT EXHIBIT SUPPORT OPPOSITION LERACH LLP PLAINTIFF DEFENDANTS SLIP MILBERG WEISS BERSHAD HYNES STULL BRODY FLOOR SCHIFFRIN BALA ATTORNEYS LAW MOTION DISMISS CIVIL PENALTY PERJURY FOREGOING UNITED STATES THEREOF UNITED STATES MAILBOX |
Declaration of John K. Grant in Support of Plaintiff's Opposition to
Defendants' Motion to Dismiss
MILBERG WEISS BERSHAD
HYNES & LERACH LLP
REED R. KATHREIN (139304)
JEFFREY W. LAWRENCE (166806)
JOHN K. GRANT (169813)
222 Kearny Street, 10th Floor
San Francisco, CA 94108
Telephone: 415/288-4545
- and -
WILLIAM S. LERACH (68581)
600 West Broadway, Suite 1800
San Diego, CA 92101
Telephone: 619/231-1058
STULL, STULL & BRODY
JULES BRODY
6 East 45th Street
4th Floor
New York, NY 10017
Telephone: 212/687-7230
SCHIFFRIN & CRAIG, LTD.
RICHARD S. SCHIFFRIN
Three Bala Plaza East
Suite 400
Bala Cynwyd, PA 19004
Telephone: 610/667-7706
Attorneys for Plaintiff
UNITED STATE DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SAN JOSE DIVISION
HOWARD GUNTY PROFIT SHARING, On Behalf of Itself and All Others Similarly Situated,
Plaintiff,
vs. QUANTUM CORPORATION, et al.,
SNIPPETS:
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7
.
COMPLAINT 1
|
EXTRACTED KEY WORDS
DRIVES STOCK DEFENDANTS STORAGE DISK DRIVES PLAINTIFF CLASS ACTION BIGFOOT DRIVES SECURITIES LAWS BUSINESS MARKET SELL REPORTS SHARES UNITED STATES DISTRICT OEM OEM CUSTOMERS STATES DISTRICT COURT COMMON STOCK QUANTUM CORPORATION DATA STORAGE PERSONAL COMPUTER CONNECTION MARK JACKSON INDIVIDUAL DEFENDANTS CORPORATE OFFICERS MISLEADING STATEMENTS EXCHANGE ACT NON-PUBLIC INFORMATION |
MILBERG WEISS BERSHAD
HYNES & LERACH LLP
WILLIAM S. LERACH (68581)
ALAN SCHULMAN (128661)
600 West Broadway, Suite 1800
San Diego, CA 92101
Telephone: 619/231-1058
STULL, STULL & BRODY
JULES BRODY
6 East 45th Street
4th Floor
New York, NY 10017
Telephone: 212/687-7230
SCHIFFRIN & CRAIG, LTD.
RICHARD S. SCHIFFRIN
Three Bala Plaza East
Suite 400
Bala Cynwyd, PA 19004
Telephone: 610/667-7706
Attorneys for Plaintiff
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SAN JOSE DIVISION
HOWARD GUNTY PROFIT SHARING, On ) No. C-96 20711
Behalf of Itself and All Others )
Similarly Situated, ) CLASS ACTION
)
Plaintiff, )) COMPLAINT FOR VIOLATION OF
vs. ) THE SECURITIES EXCHANGE ACT
) OF 1934
QUANTUM CORPORATION, MICHAEL A. )
BROWN, WILLIAM F. ROACH, YOUNG K. )
SOHN, GINA M. BORNINO, DEBORAH E. )
BARBER, MARK JACKSON and STEVEN C. )
WHEELWRIGHT, ))
Defendants. ) Plaintiff Demands A
____________________________________) Trial By Jury
SNIPPETS:
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8
.
CIVIL DOCKET FOR CASE 96-CV-20711
|
EXTRACTED KEY WORDS
DEFENDANT MOTION PLAINTIFF COUNSEL COMPLAINT APPOINTMENT DISMISS LMM SPENCER WILLIAMS SENIOR JUDGE SPENCER OPPOSITION HOWARD GUNTY PROFIT DECLARATION DHM STIPULATION MEMORANDUM DOROTHY FERNANDEZ C/R SERVE OVERNIGHT COUNTER-MOTION STRIKE FILINGS DOCKET QUANTUM CORPORATION DISTRICT COURT NOTICE SET |
Docket as of July 8, 1998 [retrieved 7/13/98]
Proceedings include all events. TERMED
5:96cv20711 Howard Gunty Profit v. Quantum Corporation, et al
APPEAL
TERMED
APPEAL
U.S. District Court
U.S. District for the Northern District of California (San Jose)
CIVIL DOCKET FOR CASE #: 96-CV-20711
Howard Gunty Profit v. Quantum Corporation, et al Filed:
08/30/96
Assigned to: Senior Judge Spencer Williams Jury demand: Both
Demand: $0,000 Nature of Suit: 850
Lead Docket: None Jurisdiction: Federal
Question
Dkt# in other court: None
Cause: 15:78m(a) Securities Exchange Act
[Counsel List]
8/30/96 1 COMPLAINT yes Summons(es) issued; Fee status pd entered
on
8/30/96 in the amount of $ 120.00 ( Receipt No.
501430);
jury demand [5:96-cv-20711] (jp)
8/30/96 2 ORDER by Senior Judge Spencer Williams Case Management
Statement is due 12/26/96 ; Case Management Conference
by
telephone set for 2:00 1/2/97 ; (attached Notice and
Standing Order) (cc: all counsel) [5:96-cv-20711] (jp)
9/19/96 3 AMENDMENT by defendant Quantum Corporation, defendant
Michael A. Brown, defendant William F. Roach, defendant
Young K. Sohn, defendant Gina M. Bornino, defendant
Deborah
E. Barber, defendant Mark Jackson, defendant Steven C.
Wheelwright to notice of appearance and acceptance of
service of complaint [5:96-cv-20711] (dhm)
[Entry date 10/03/96]
SNIPPETS:
|
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9
.
NOTICE OF ENTRY OF ORDER
|
EXTRACTED KEY WORDS
WILSON SONSINI GOODRICH ROSATI ATTORNEYS DEFENDANTS MICHAEL BROWN WILLIAM ROACH SOHN GINA BORNINO DEBORAH COMPLAINT PREJUDICE SOLOMON DOROTHY FERNANDEZ PROFESSIONAL CORPORATION PALO ALTO CALIFORNIA BARBER MARK JACKSON WHEELWRIGHT HOWARD GUNTY PROFIT GUNTY PROFIT SHARING PARTIES ORDER GRANTING DEFENDANTS MOTION EPOST |
BORIS FELDMAN (128838)
AILEEN L. ARRIETA (130868)
ELLEN H. SOLOMON (189678)
DOROTHY L. FERNANDEZ (184266)
WILSON SONSINI GOODRICH & ROSATI
Professional Corporation
650 Page Mill Road
Palo Alto, California 94304-1050
Telephone: (650) 493-9300
Attorneys for Defendants
QUANTUM CORPORATION, MICHAEL A. BROWN,
WILLIAM F. ROACH, YOUNG K. SOHN,
GINA M. BORNINO, DEBORAH E. BARBER,
MARK JACKSON AND STEVEN C. WHEELWRIGHT
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SAN JOSE DIVISION
HOWARD GUNTY PROFIT SHARING, On ) Case No.: C 96 20711 SW
Behalf of Itself and All Others Similarly ) [filed Apr. 10, 1998]
Situated, )) NOTICE OF ENTRY OF
Plaintiff, ) ORDER GRANTING
DEFENDANTS' MOTION TO
v. )) DISMISS FIRST AMENDED
QUANTUM CORPORATION, MICHAEL A. ) COMPLAINT WITH
BROWN, WILLIAM F. ROACH, YOUNG K. ) PREJUDICE
SOHN, GINA M. BORNINO, DEBORAH E. )
BARBER, MARK JACKSON, AND )
STEVEN C. WHEELWRIGHT, ))
Defendants., )
______________________________________ ))
TO ALL PARTIES AND THEIR ATTORNEYS OF RECORD:
PLEASE TAKE NOTICE that on April 6, 1998, the Court entered the attached Order
Granting Defendants' Motion to Dismiss First Amended Complaint With Prejudice.
Dated: April 10, 1998 WILSON SONSINI GOODRICH & ROSATI
By:
SNIPPETS:
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10
.
ORDER GRANTING MOTION TO DISMISS
|
EXTRACTED KEY WORDS
PLAINTIFF FACTS COMPLAINT FAC ALLEGATIONS BIGFOOT QUANTUM DEFENDANTS COURT DISMISS BIGFOOT DRIVES SECURITIES ACT PARTICULARITY FRAUD CIR REFORM ACT PLEADING MOTION BASIS EXPECTATIONS MISLEADING STOCK PLEAD OEM CUSTOMERS REASONS STANDARDS SALES |
UNITED STATES DISTRICT COURT
FOR THE NORTHERN DISTRICT OF CALIFORNIA
HOWARD GUNTY PROFIT SHARING, ) CIVIL NO. 96 20711 SW
) [FILED APR. 6, 1998]
Plaintiff, )) ORDER GRANTING DEFENDANTS'
v. ) MOTION TO DISMISS FIRST
) AMENDED COMPLAINT WITH
QUANTUM CORPORATION, MICHAEL A. ) PREJUDICE
BROWN, WILLIAM F. ROACH, YOUNG )
K. SOHN, GINA M. BORNINO, )
DEBORAH E. BARBER, MARK JACKSON, )
AND STEVEN C. WHEELWRIGHT, ))
Defendants. )
_________________________________)
This litigation is a securities class action lawsuit filed on
behalf of all persons who purchased the common stock of Quantum
Corporation ("Quantum") between February 26, 1996 and June 13, 1996
("proposed class period") against Quantum, six of its officers, and
one of its directors.1 On August 14, 1997, this Court dismissed
the initial complaint of Plaintiff Howard Gunty Profit Sharing
("Gunty") with leave to amend ("Order"). Gunty filed its First
____________________
1 The officers and director are collectively referred to as the
"Individual Defendants."
Amended Complaint ("FAC") on September 12, 1997. On February 3,
1998, this Court heard oral argument and took under submission
Defendants' motion to dismiss the FAC. After carefully considering
SNIPPETS:
|
|
11
.
STATEMENT OF DECISION
|
EXTRACTED KEY WORDS
PLAINTIFFS QUANTUM CORPORATION COMPLAINT JUDGE BREYER MICHAEL BROWN WILLIAM ROACH SOHN GINA BORNINO DEBORAH WILSON SONSINI GOODRICH ROSATI BARBER MARK JACKSON WHEELWRIGHT NETMANAGE DISMISS COUNSEL PARTICULARITY FACTS ALLEGATIONS ALLEGE INDIVIDUAL DEFENDANTS SCHEME DEFRAUD INSIDER TRADING EPOST |
BORIS FELDMAN (128838)
AILEEN L. ARRIETA (130868)
ELLEN H. SOLOMON (189678)
DOROTHY L. FERNANDEZ (184266)
WILSON SONSINI GOODRICH & ROSATI
Professional Corporation
650 Page Mill Road
Palo Alto, California 94304-1050
Telephone: (650) 493-9300
Attorneys for Defendants
QUANTUM CORPORATION, MICHAEL A. BROWN,
WILLIAM F. ROACH, YOUNG K. SOHN,
GINA M. BORNINO, DEBORAH E. BARBER,
MARK JACKSON AND STEVEN C. WHEELWRIGHT
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SAN JOSE DIVISION
HOWARD GUNTY PROFIT SHARING, On ) Case No.: C 96 20711 SW
Behalf of Itself and All Others Similarly ) [filed Mar. 31, 1998]
Situated, )) STATEMENT OF
Plaintiff, ) RECENT DECISION
v. ))
QUANTUM CORPORATION, MICHAEL A. )
BROWN, WILLIAM F. ROACH, YOUNG K. )
SOHN, GINA M. BORNINO, DEBORAH E. )
BARBER, MARK JACKSON, AND )
STEVEN C. WHEELWRIGHT, ))
Defendants. )
______________________________________ ))
Pursuant to Civil Local Rule 7-3(e), defendants Quantum Corporation, Michael A.
Brown, William F. Roach, Young K. Sohn, Gina M. Bornino, Deborah E. Barber, Mark
Jackson, and Steven C. Wheelwright, submit for the Court's consideration the following
decision, Head v. NetManage, Inc., No. C 97-4385 CRB, slip op. (N.D. Cal. Feb. 24,
1998). A copy of this decision is attached hereto as Exhibit A. This order was not
available prior to the hearing on defendants' motion to dismiss plaintiff's amended
complaint, which took place on February 3, 1998.
SNIPPETS:
|
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12
.
REPLY MEMO IN SUPPORT OF MOTION TO DISMISS
|
EXTRACTED KEY WORDS
REFORM ACT ALLEGATIONS DEFENDANTS QUANTUM AMENDED COMPLAINT PLEADING BIGFOOT DRIVES PLEAD ARRIETA AMENDED COMPLAINT FAILS PLEADING REQUIREMENTS LAW PARTICULARITY MEM SUPP FACTUAL BASIS PLAINTIFFS LAW INTERPRETING STOCK SALE RISK DISCLOSURES PLEADING STANDARD SECOND CIRCUIT CONSUMER PREFERENCES INFERENCE SILICON GRAPHICS ARRIETA DECL SECURITIES ADOPT PRIOR LAW VAGUE STATEMENTS |
BORIS FELDMAN (128838)
AILEEN L. ARRIETA (130868)
ELLEN H. SOLOMON (189678)
DOROTHY L. FERNANDEZ (184266)
WILSON SONSINI GOODRICH & ROSATI
Professional Corporation
650 Page Mill Road
Palo Alto, California 94304-1050
Telephone: (650) 493-9300
Attorneys for Defendants
QUANTUM CORPORATION, MICHAEL A. BROWN,
WILLIAM F. ROACH, YOUNG K. SOHN,
GINA M. BORNINO, DEBORAH E. BARBER,
MARK JACKSON AND STEVEN C. WHEELWRIGHT
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SAN JOSE DIVISION
HOWARD GUNTY PROFIT SHARING, On ) Case No.: C 96 20711 SW
Behalf of Itself and All Others Similarly ) [filed Jan. 21, 1998]
Situated, )) DEFENDANTS' REPLY
Plaintiff, ) MEMORANDUM IN
SUPPORT OF MOTION TO
v. )) DISMISS AMENDED
QUANTUM CORPORATION, MICHAEL A. ) COMPLAINT
BROWN, WILLIAM F. ROACH, YOUNG K. ) DATE: February 3, 1998
SOHN, GINA M. BORNINO, DEBORAH E. ) TIME: 10:00 a.m.
BARBER, MARK JACKSON, AND ) COURT: Honorable Spencer
STEVEN C. WHEELWRIGHT, )) Williams
Defendants. ) Room E, 15th Fl.
________________________________________ ))
TABLE OF CONTENTS
INTRODUCTION
ARGUMENT
SNIPPETS:
|
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13
.
OPPOSITION TO MOTION TO DISMISS AMENDED COMPLAINT
|
EXTRACTED KEY WORDS
FACTS PLAINTIFF MISLEADING BIGFOOT DRIVES COMPLAINT QUANTUM FRAUD MOTION STANDARD OPTIMISTIC STATEMENTS FAC STOCK INFERENCE CIR SAN FRANCISCO ALLEGATIONS FIRST AMENDED COMPLAINT CONSUMER PREFERENCES SAFE HARBOR AMENDED COMPLAINT FAC ALLEGES STOCK PRICE PARTICULARITY PSLRA OEMS REPRESENTATIONS CLASS PERIOD SUCCESSFUL DISK DRIVES |
MILBERG WEISS BERSHAD
HYNES & LERACH LLP
REED R. KATHREIN (139304)
JEFFREY W. LAWRENCE (166806)
JOHN K. GRANT (169813)
222 Kearny Street, 10th Floor
San Francisco, CA 94108
Telephone: 415/288-4545
- and -
WILLIAM S. LERACH (68581)
600 West Broadway, Suite 1800
San Diego, CA 92101
Telephone: 619/231-1058
STULL, STULL & BRODY
JULES BRODY
6 East 45th Street
4th Floor
New York, NY 10017
Telephone: 212/687-7230
SCHIFFRIN & CRAIG, LTD.
RICHARD S. SCHIFFRIN
Three Bala Plaza East
Suite 400
Bala Cynwyd, PA 19004
Telephone: 610/667-7706
Attorneys for Plaintiff
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SAN JOSE DIVISION
HOWARD GUNTY PROFIT SHARING, On No. C-96-20711-SW(EAI)
Behalf of Itself and All Others Similarly Situated, [filed Dec. 17, 1997]
Plaintiff, CLASS ACTION
vs. DATE: February 3, 1998
TIME: 10:00 a.m.
QUANTUM CORPORATION, et al., DEPT: Room E, 15th Floor
Defendants. (The Honorable
__________________________________________ Spencer Williams)
SNIPPETS:
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14
.
ORDER GRANTING MOTION FOR CREATION OF ETHICAL WALL
|
EXTRACTED KEY WORDS
PLAINTIFFS STATE BAR COURT QUANTUM CORPORATION ATTORNEY REPRESENTING PLAINTIFFS DEFENDANTS CALIFORNIA MICHAEL WILLIAM SHARING ETHICAL WALL HEREBY DISCRETION PSLRA DISTRICT PRINCIPLES COMITY HOWARD GUNTY PROFIT PENDING JUDGE SPENCER WILLIAMS UNITED STATES DISTRICT NORTHERN DISTRICT PURSUANT LAWSUIT DISCLOSE FEDERAL CLASS ACTION UNJUST EXCEPTION PROTECTIVE ORDER |
BORIS FELDMAN (State Bar # 128838)
AILEEN L. ARRIETA (State Bar # 130868)
ELLEN H. SOLOMON (State Bar # 189678)
DOROTHY L. FERNANDEZ (State Bar # 184266)
WILSON SONSINI GOODRICH & ROSATI
Professional Corporation
650 Page Mill Road
Palo Alto, California 94304-1050
Telephone: (650) 493-9300
Attorneys for Defendants
QUANTUM CORPORATION, MICHAEL A. BROWN,
WILLIAM F. ROACH, and YOUNG K. SOHN
SUPERIOR COURT OF CALIFORNIA
COUNTY OF SANTA CLARA
HOWARD GUNTY, INC. PROFIT ) Case No.: CV760370
SHARING PLAN AND BERT GOLDMAN, ) [filed Oct. 30, 1997]
on Behalf of Themselves and All Others )
Similarly Situated, ) ORDER GRANTING
) DEFENDANTS' MOTION
Plaintiffs, ) FOR CREATION OF
) ETHICAL WALL
v. )
)
QUANTUM CORPORATION, MICHAEL A. ) Date: Oct. 16, 1997
BROWN, WILLIAM F. ROACH, and ) Time: 1:30 p.m.
YOUNG K. SOHN, ) Dept: 22
)
Defendants. )
______________________________________ )
The parties having briefed, and presented argument, on defendants' motion for creation of
ethical wall, the Court hereby orders as follows:
WHEREAS, under Schneider v. Vennard, 183 Cal. App. 3d 1340 (1986), this Court has
discretion to stay this action entirely due to the existence of a parallel proceeding in
federal court;
SNIPPETS:
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15
.
MEMO IN SUPPORT OF MOTION TO DISMISS AMENDED COMPLAINT
|
EXTRACTED KEY WORDS
QUANTUM HOWARD GUNTY REFORM ACT DEFENDANTS FACTS COURT BIGFOOT DRIVES AMENDED COMPLAINT FAILS FERNANDEZ DEMAND PLEADING REQUIREMENTS ALLEGATIONS CIR LITIG SECURITIES HOWARD GUNTY ALLEGES QUANTUM CORPORATION FERNANDEZ DECL PROFIT SHARING SAFE HARBOR CCH EXCHANGE ACT SILICON GRAPHICS ORIGINAL COMPLAINT CONCLUSORY ALLEGATIONS QUANTUM OFFICERS DISK DRIVES CLASS PERIOD FACTS GIVING RISE |
BORIS FELDMAN (128838)
AILEEN L. ARRIETA (130868)
ELLEN H. SOLOMON (189678)
DOROTHY L. FERNANDEZ (184266)
WILSON SONSINI GOODRICH & ROSATI
Professional Corporation
650 Page Mill Road
Palo Alto, California 94304-1050
Telephone: (650) 493-9300
Attorneys for Defendants
QUANTUM CORPORATION, MICHAEL A. BROWN,
WILLIAM F. ROACH, YOUNG K. SOHN,
GINA M. BORNINO, DEBORAH E. BARBER,
MARK JACKSON AND STEVEN C. WHEELWRIGHT
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SAN JOSE DIVISION
HOWARD GUNTY PROFIT SHARING, On ) Case No.: C 96 20711 SW
Behalf of Itself and All Others Similarly ) [filed Oct. 24, 1997]
Situated, )
) MEMORANDUM IN
Plaintiff, ) SUPPORT OF MOTION TO
) DISMISS AMENDED
v. ) COMPLAINT
)
QUANTUM CORPORATION, MICHAEL A. ) DATE: January 6, 1998
BROWN, WILLIAM F. ROACH, YOUNG K. ) TIME: 10:00 a.m.
SOHN, GINA M. BORNINO, DEBORAH E. ) COURT: Honorable Spencer
BARBER, MARK JACKSON, AND ) Williams
STEVEN C. WHEELWRIGHT, ) Room E, 15th Fl.
)
Defendants. )
______________________________________ )
TABLE OF CONTENTS
SNIPPETS:
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16
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COMPLAINT 2
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EXTRACTED KEY WORDS
DRIVES STOCK BUSINESS CLASS PERIOD STORAGE DISK DRIVES INSIDER BIGFOOT DRIVES OEM DEFENDANTS PLAINTIFF SELL MARKET F97 OEM CUSTOMERS DATA STORAGE FRAUDULENT SCHEME CLASS ACTION MAJOR OEMS INTERNAL CORPORATE DOCUMENTS MANUFACTURING QUANTUM CORPORATION SUCCESSFUL PERSONAL COMPUTER INDIVIDUAL DEFENDANTS ADVERSE NON-PUBLIC INFORMATION INCH DRIVES OEM QUALIFICATION MISLEADING |
MILBERG WEISS BERSHAD
HYNES & LERACH LLP
WILLIAM S. LERACH (68581)
600 West Broadway, Suite 1800
San Diego, CA 92101
Telephone: 619/231-1058
- and -
REED R. KATHREIN (139304)
JEFFREY W. LAWRENCE (166806)
JOHN K. GRANT (169813)
222 Kearny Street, 10th Floor
San Francisco, CA 94108
Telephone: 415/288-4545
STULL, STULL & BRODY
JULES BRODY
6 East 45th Street
4th Floor
New York, NY 10017
Telephone: 212/687-7230
SCHIFFRIN & CRAIG, LTD.
RICHARD S. SCHIFFRIN
Three Bala Plaza East
Suite 400
Bala Cynwyd, PA 19004
Telephone: 610/667-7706
Attorneys for Plaintiff
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SAN JOSE DIVISION
HOWARD GUNTY PROFIT No. C-96-20711-SW(EAI)
SHARING, On Behalf of Itself [filed Sep. 12, 1997]
and All Others Similarly Situated,
CLASS ACTION
Plaintiff,
FIRST AMENDED COMPLAINT
vs. FOR VIOLATION OF THE
SECURITIES EXCHANGE ACT
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17
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ORDER DISMISSING COMPLAINT
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EXTRACTED KEY WORDS
PLAINTIFF DEFENDANTS REFORM ACT QUANTUM SECURITIES COURT PARTICULARITY ALLEGATIONS PLEAD FACTS CLASS ACTION ALLEGE MOTION BIGFOOT DRIVES FRAUD MISLEADING PLEADING REQUIREMENTS PROJECTIONS STANDARDS CONCLUSORY ALLEGATIONS REASONABLE BASIS UNITED STATES UNITED STATES DISTRICT QUANTUM CORPORATION SECURITIES LITIGATION COURT DISMISSES INSUFFICIENT DISCOVERY CUSTOMERS |
UNITED STATES DISTRICT COURT
FOR THE NORTHERN DISTRICT OF CALIFORNIA
HOWARD GUNTY PROFIT SHARING ) CIVIL NO. 96 20711 SW
) [filed Aug. 14, 1997]
Plaintiff, )) ORDER DISMISSING COMPLAINT
v. ) WITH LEAVE TO AMEND
)
QUANTUM CORPORATION, MICHAEL A. )
BROWN, WILLIAM F. ROACH, YOUNG )
K. SOHN, GINA M. BORNINO, )
DEBORAH E. BARBER, MARK JACKSON, )
AND STEVEN C. WHEELWRIGHT, ))
Defendants. )
_________________________________)
This litigation is a securities class action lawsuit filed on
behalf of all persons who purchased the common stock of Quantum
Corporation between February 26, 1996 and June 13, 1996 (the "Class
Period") against Quantum, six of its officers, and one of its
directors. On July 30, 1997, after hearing oral argument, the
Court took under submission Defendants' motion to dismiss
Plaintiff's Complaint. After carefully considering the papers,
arguments of counsel, and legal authority, the Court concludes that
Plaintiff has failed to plead its claims with particularity as
required by Fed. R. Civ. P. 9(b) and the Securities Litigation
Reform Act of 1995 ("Reform Act"), 15 U.S.C. § 78u-4. Therefore,
the Court DISMISSES Plaintiff's Complaint with leave to amend.
I. BACKGROUND
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18
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PETITION
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EXTRACTED KEY WORDS
STOCK QUANTUM RESPONDENT COURT LAW DEMURRER PETITIONER PEREMPTORY WRIT PETITION CALIFORNIA MANDATE AMENDED COMPLAINT APPEALS SECURITIES STOCK PURCHASE PLAN EMPLOYEE STOCK PURCHASE REAL PARTIES ADEQUATE REMEDY OVERRULING SELL STOCK CORRECT RESPONDENT FALSE STATEMENTS MARKET ACTIVITY DEFENDANT BERT GOLDMAN MEMORANDUM AUTHORITIES VIOLATION LIABILITY DISCRETION |
COURT OF APPEAL OF THE STATE OF CALIFORNIA
SIXTH APPELLATE DISTRICT
QUANTUM CORPORATION, | SANTA CLARA
Petitioner, | SUPERIOR COURT
v. | CASE NO. CV760370
SUPERIOR COURT OF CALIFORNIA |
FOR THE COUNTY OF SANTA | From the July 8, 1997
CLARA, | Order of the Honorable
Respondent. | Jeremy D. Fogel of the
__________________________________ | Santa Clara Superior Court
HOWARD GUNTY, INC. PROFIT |
SHARING and BERT GOLDMAN, On |
Behalf of Themselves and All Others |
Similarly Situated, |
Real Parties in Interest. |
__________________________________ |
_________________________________________________________
PETITION FOR PEREMPTORY WRIT OF MANDATE, PROHIBITION,
CERTIORARI, OR OTHER APPROPRIATE RELIEF; MEMORANDUM
OF POINTS AND AUTHORITIES IN SUPPORT THEREOF;
EXHIBITS FILED SEPARATELY HEREWITH
_________________________________________________________
TABLE OF CONTENTS
INTRODUCTION
PETITION
A. CLAIMS ASSERTED IN THE AMENDED COMPLAINT
B. THE RESPONDENT COURT OVERRULED PETITIONER'S DEMURRER TO
THE FIRST CAUSE OF ACTION FOR VIOLATION OF THE CORPORATIONS
CODE
C. PETITIONER HAS NO ADEQUATE REMEDY AT LAW AND HAS PROPERLY
FILED THIS PETITION FOR A WRIT OF MANDATE
PRAYER
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19
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MEMO IN SUPPORT OF MOTION TO DISMISS
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EXTRACTED KEY WORDS
QUANTUM PLEAD FACTS DEFENDANTS SCIENTER FERNANDEZ COURT SAFE HARBOR REFORM ACT LITIG PLAINTIFF SECURITIES BORNINO DISMISS CIR QUANTUM CORPORATION HONORABLE SPENCER WILLIAMS ALLEGATIONS CALCULATING DISK DRIVES MARK JACKSON WHEELWRIGHT PROFIT SHARING FERNANDEZ DECL CCH EXCHANGE ACT UNITED STATES QUANTUM OFFICERS PLAINTIFF ASSERTS |
BORIS FELDMAN (State Bar # 128838)
AILEEN L. ARRIETA (State Bar # 130868)
DAVID PRIEBE (State Bar # 148679)
DOROTHY L. FERNANDEZ (State Bar # 184266)
WILSON SONSINI GOODRICH & ROSATI
Professional Corporation
650 Page Mill Road
Palo Alto, California 94304-1050
Telephone: (415) 493-9300
Attorneys for Defendants
QUANTUM CORPORATION, MICHAEL A. BROWN,
WILLIAM F. ROACH, YOUNG K. SOHN,
GINA M. BORNINO, DEBORAH E. BARBER,
MARK JACKSON AND STEVEN C. WHEELWRIGHT
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SAN JOSE DIVISION
HOWARD GUNTY PROFIT SHARING,
On Behalf of Itself and
All Others Similarly Situated,
Plaintiff,
v.
QUANTUM CORPORATION, MICHAEL A. BROWN,
WILLIAM F. ROACH, YOUNG K. SOHN,
GINA M. BORNINO, DEBORAH E. BARBER,
MARK JACKSON, AND STEVEN C. WHEELWRIGHT,
Defendants.
Case No.: C 96 20711 SW
DEFENDANTS' MEMORANDUM
IN SUPPORT OF MOTION TO DISMISS
DATE: May 28, 1997
TIME: 10:00 a.m.
COURT: Honorable Spencer Williams
TABLE OF CONTENTS
INTRODUCTION
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20
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AMENDED COMPLAINT
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EXTRACTED KEY WORDS
QUANTUM PLAINTIFFS DEMAND QUANTUM STOCK DRIVES CALIFORNIA BIGFOOT DRIVES BUSINESS SHARES PLANS STORAGE MARKET CLASS PERIOD REPORTS PRICE OEM CUSTOMERS DISK DRIVES SAN FRANCISCO INDIVIDUAL DEFENDANTS MISLEADING STATEMENTS PERSONAL COMPUTER SUPERIOR COURT ADVERTISING CAMPAIGN/MEDIA BLITZ FRAUDULENT CONNECTIONS VICE PRESIDENT CORPORATE OFFICERS WILLFULLY PARTICIPATING MATERIAL FACTS |
MILBERG WEISS BERSHAD
HYNES & LERACH LLP
REED R. KATHREIN (139304)
JEFFREY W. LAWRENCE (166806)
JOHN K. GRANT (169813)
222 Kearny Street, 10th Floor
San Francisco, CA 94108
Telephone: 415/288-4545
- and -
WILLIAM S. LERACH (68581)
600 West Broadway, Suite 1800
San Diego, CA 92101.
Telephone: 619/231-1058
STULL, STULL & BRODY SCHIFFRIN CRAIG, LTD.
JULES BRODY RICHARD S. SCHIFFRIN
6 East 45th Street Three Bala Plaza East
4th Floor Suite 400
New York, NY 10017 Bala Cynwyd, PA 19004
Telephone: 212/687-7230 Telephone: 610/667-7706
Attorneys for Plaintiffs
SUPERIOR COURT OF THE STATE OF CALIFORNIA
COUNTY OF SANTA CLARA
HOWARD GUNTY, INC. PROFIT SHARING ) Case No. CV760370
PLAN and BERT GOLDMAN, On Behalf of ) [filed Mar. 20, 1997]
Themselves and All Others Similarly ) CLASS ACTION
Situated, )) AMENDED COMPLAINT FOR
Plaintiffs, ) DAMAGES BASED UPON:
) (1) VIOLATION OF CAL.
vs. ) CORP. CODE §§25400 AND
) 25500;
QUANTUM CORPORATION, MICHAEL A. ) (2) VIOLATION OF CAL. CIV.
BROWN, WILLIAM F. ROACH, YOUNG K. ) CODE §§1709-1710; AND
SOHN, GINA M. BORNINO, DEBORAH E. ) (3) VIOLATION OF CAL. BUS.
BARBER, MARK JACKSON and STEVEN C. ) & PROF. CODE §§17200,
WHEELWRIGHT, ) ET SEQ.
)
Defendants. ) Plaintiffs Demand A Trial
___________________________________ By Jury
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21
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REPLY MEMO IN SUPPORT OF DEMURRER
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EXTRACTED KEY WORDS
COMPLAINT CALIFORNIA COURT DEFENDANTS FAILS STOCK QUANTUM SECURITIES CORPORATIONS SUPERIOR COURT SATISFY MEM ARRIETA SELL STOCK JURISDICTION CLASS PERIOD SECURITIES TRANSACTIONS DEFENDANTS BORNINO WHEELWRIGHT MISLEADING STATEMENTS SECURITIES LAWS ALLEGATIONS PROFESSIONS WILLIAM LIMITATIONS VIOLATION TRADE PRACTICES ACT LIABILITY PLAINTIFF ASSERTS |
BORIS FELDMAN, State Bar # 128838
AILEEN L. ARRIETA, State Bar # 130868
WILSON, SONSINI, GOODRICH & ROSATI
Professional Corporation
650 Page Mill Road
Palo Alto, California 94304-1050
Telephone: (415) 493-9300
Attorneys for Defendants
QUANTUM CORPORATION, MICHAEL
A. BROWN, WILLIAM F. ROACH, YOUNG K.
SOHN, GINA M. BORNINO, DEBORAH E. BARBER,
MARK JACKSON, AND STEVEN C. WHEELWRIGHT
SUPERIOR COURT OF CALIFORNIA
COUNTY OF SANTA CLARA
HOWARD GUNTY PROFIT SHARING, On ) CASE NO.: CV760370
Behalf of Itself and All Others )
Similarly Situated, ) REPLY MEMORANDUM IN
) SUPPORT OF DEFENDANTS'
Plaintiff, ) DEMURRER
)
v. ) DATE: January 21, 1997
) TIME: 9:00 a.m.
QUANTUM CORPORATION, MICHAEL A. ) DEPT: 4
BROWN, WILLIAM F. ROACH, YOUNG K. )
SOHN, GINA M. BORNINO, DEBORAH E. )
BARBER, MARK JACKSON, AND )
STEVEN C. WHEELWRIGHT ))
Defendants. )
__________________________________)
/ / /
TABLE OF CONTENTS
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22
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MEMO IN SUPPORT OF MOTION FOR DETERMINATION
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EXTRACTED KEY WORDS
PLAINTIFF DEFENDANTS SUPERIOR COURT CLASS CERTIFICATION CALIFORNIA JUDICIAL ECONOMY DUPLICATION QUANTUM FORUM PARALLEL FEDERAL ACTION QUANTUM CORPORATION DISPUTE COUNSEL SINGLE FORUM APP FEDERAL COMPLAINT PROFESSIONAL CORPORATION CONCENTRATING PREJUDICE PLAINTIFF SCHNEIDER ATTORNEYS SECURITIES CLASS ACTIONS DISCOVERY MARK JACKSON WHEELWRIGHT SUPPORT CERTIFICATION STRONGLY FAVOR PROCEEDING LITIGATION CLASS MEMBERS |
BORIS FELDMAN, State Bar # 128838
AILEEN L. ARRIETA, State Bar # 130868
WILSON SONSINI GOODRICH & ROSATI
Professional Corporation
650 Page Mill Road
Palo Alto, California 94304-1050
Telephone: (415) 493-9300
Attorneys for Defendants
QUANTUM CORPORATION, MICHAEL A. BROWN,
WILLIAM F. ROACH, YOUNG K. SOHN,
GINA M. BORNINO, DEBORAH E. BARBER,
MARK JACKSON, AND STEVEN C. WHEELWRIGHT
SUPERIOR COURT OF CALIFORNIA
COUNTY OF SANTA CLARA
HOWARD GUNTY PROFIT SHARING, On ) CASE NO.: CV60370 [sic]
Behalf of Itself and All Others )
Similarly Situated, ) MEMORANDUM OF POINTS
) AND AUTHORITIES IN
Plaintiff, ) SUPPORT OF DEFENDANTS'
) MOTION FOR
v. ) DETERMINATION THAT
) ACTION NOT PROCEED AS
QUANTUM CORPORATION, MICHAEL A. ) CLASS ACTION
BROWN, WILLIAM F. ROACH, YOUNG K. )
SOHN, GINA M. BORNINO, DEBORAH E. ) DATE: January 21, 1997
BARBER, MARK JACKSON, AND ) TIME: 9:00 a.m.
STEVEN C. WHEELWRIGHT, ) DEPT: 4
)
Defendants. )))
__________________________________)
/ / /
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23
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MEMO IN OPPOSITION TO MOTION FOR DETERMINATION
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EXTRACTED KEY WORDS
DEFENDANTS CLASS ACTION PLAINTIFF CALIFORNIA MOTION STATE LAW SUPERIOR COURT PROCEEDS DETERMINATION SECURITIES QUANTUM LAWRENCE PREMATURE SAN FRANCISCO APP OPPOSITION CLASS CERTIFICATION AUTHORITIES SUPPLEMENTAL JURISDICTION VIOLATIONS EXCHANGE ACT SANTA CLARA UNITED STATES STULL JULES BRODY SCHIFFRIN BALA PLAZA EAST MEMORANDUM PROCEDURAL BACKGROUND |
MILBERG WEISS BERSHAD
HYNES & LERACH LLP
REED R. KATHREIN (139304)
JEFFREY W. LAWRENCE (166806)
JOHN K. GRANT (169813)
222 Kearny Street, 10th Floor
San Francisco, CA 94108
Telephone: 415/288-4545
- and -
WILLIAM S. LERACH (68581)
600 West Broadway, Suite 1800
San Diego, CA 92101
Telephone: 619/231-1058
STULL, STULL & BRODY
JULES BRODY
6 East 45th Street
4th Floor
New York, NY 10017
Telephone: 212/687-7230
SCHIFFRIN & CRAIG, LTD.
RICHARD S. SCHIFFRIN
Three Bala Plaza East
Suite 400
Bala Cynwyd, PA 19004
Telephone: 610/667-7706
Attorneys for Plaintiff
SUPERIOR COURT OF THE STATE OF CALIFORNIA
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