Richter
Richter v. CC-Palo Alto, Inc.
Opinion
Lead Opinion
Davila, J.
ORDER GRANTING DEFENDANTS’ MOTIONS TO DISMISS
Plaintiffs Burton Richter, Linda Collins Cork, Georgia L. May, Thomas Merigan, Alfred Spivack, and Janice R, Anderson (collectively, “Plaintiffs”) bring this suit individually, on behalf of a proposed class, and derivatively as creditors, against CC-Palo Alto, Inc. (“CC-PA”), CC-Development Group, Inc. (“CC-DG”), and Classic Residence Management Limited Partnership (“CRMLP”) (the “Corporate Defendants”), as well as CC-PA’s board of director members Penny Pritzker, Nicholas J. Pritzker, John Kevin Poorman, Gary Smith, Stephanie Fields, and Bill Seiortino (the “Director Defendants”) (collectively, “Defendants”). Plaintiffs’ initial Complaint was dismissed with leave to amend, and Plaintiffs timely filed a Verified First Amended Direct Class Action and Creditor Derivative Complaint (“FAC”). Dkt. No. 56.
Presently before the Court are Defendants’ Motions to Dismiss Plaintiffs’ FAC. Dkt. Nos. 68, 73 (collectively, “Mots.”). Having fully reviewed the relevant papers submitted by the parties, the court finds Defendants’ arguments meritorious. As such, Defendants’ motions are GRANTED for the reasons stated below.