Electrical Workers Local 357 Pension v. Clovis Oncology, Inc.
Opinion
Lead Opinion
Chen, J.
ORDER GRANTING PLAINTIFF’S MOTION TO REMAND
L INTRODUCTION
In this securities class action, Plaintiff Electrical Workers Local #357 Pension and Health & Welfare Trusts (“Electrical Workers”) filed suit against Defendants Clovis Oncology, Inc., executives Patrick J. Mahaffy, Erie T. Mast, M. James Barrett, Brian G. Atwood, James C. Blair, Paul Klingenstein, Edward J. McKinley, Scott D. Sandell, Forest Baskett, and venture capital firms NEA 13 GP, Ltd., Aberdare Ventures IV, L.P., and underwriters J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, -Stifel, Nicolaus & Company, Incorporated, and Mizuho Securities USAS Inc. (collectively “Clovis”) alleging violations of sections 11, 12(a)(2), and 15 of the Securities Act of 1933 (“Securities Act”). Before this Court is Electrical Workers’ Motion to Remand.
Having considered the parties’ briefs and oral argument presented at the hear *1174 ing on April 18, 2016, the Court hereby GRANTS Electrical Workers’ motion to remand.
II. FACTUAL BACKGROUND
Defendants Clovis Oncology, Inc. is a biopharmaceutical company that focuses on acquiring, developing, and commercializing anti-cancer agents in the United States and abroad.…