In Re Copper Mountain Securities Litigation

ORDER

At the end of many fairy tales, Prince Charming vanquishes the villain, rescues the damsel in distress and all live “happily ever after.” A class representative suing to rescue distressed plaintiffs may sometimes appear to be a prince. But, in reality, the heroic prince, perhaps, is actually a frog. This order, the subsequent case history of In re Cavanaugh, 306 F.3d 726 (9th Cir.2002), tells just such a tale.

I

A

The background of the story is already quite familiar. Two individuals and one group comprising five individuals sought to be appointed as lead plaintiff in this consolidated securities class action. Each of these seven individuals submitted declarations in response to the court’s February 5, 2001, order (Doc #44). That order solicited responses to ten questions regarding plaintiffs’ efforts to obtain competent counsel and to negotiate a reasonable fee arrangement. Also, each individual attended a hearing on March 8, 2001. The prospective plaintiffs told the court in person about their qualifications and interests in representing the class.

The first proposed lead plaintiff, William A Chenoweth, was a fifty year old certified public accountant residing in…