Inchen Huang v. Depomed, Inc.
Opinion
Lead Opinion
Tigar, J.
Before the Court are two motions for appointment as lead plaintiff and approval of selection of counsel for a securities class action, one filed by Plaintiff Depomed Investor Group ("DIG") and the other filed by Plaintiff City of Pontiac General Employees' Retirement System ("Pontiac"). ECF Nos. 12, 16. The Court grants Plaintiff DIG's motion and denies Plaintiff Pontiac's motion.
I. BACKGROUND
This is a federal securities class action on behalf of persons who purchased or otherwise acquired shares of Defendant Depomed, Inc. ("the Company") between February 26, 2015 and August 7, 2017. ECF No. 1. The Plaintiffs allege that the Company and certain of its officers and directors violated the Securities Exchange Act of 1934. Id. The Court must now select a lead plaintiff.
Originally, five parties filed motions seeking appointment as lead plaintiff and approval of their selection of counsel. ECF Nos. 12, 16, 21, 25, 27. Three of the parties subsequently withdrew their motions or chose not to oppose the motions of other potential lead plaintiffs. ECF Nos. 32, 33, 39. DIG and Pontiac remain as the two parties contesting appointment as lead plaintiff. ECF Nos. 12, 16.