Sheet Metal Workers National Pension Fund v. Bayer Aktiengesellschaft

UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA

SHEET METAL WORKERS NATIONAL

PENSION FUND, et al., Case No. 20-cv-04737-RS

Plaintiffs,

ORDER CERTIFYING CLASS

v.

BAYER AKTIENGESELLSCHAFT, et al., Defendants.

15 I. INTRODUCTION Plaintiffs in this securities action have moved for certification of a damages class under Federal Rule of Civil Procedure 23(b)(3). Defendants, in opposition, focus largely on the contention that Plaintiffs have not established typicality or predominance because their acquisitions of Bayer American Depositary Receipts do not qualify as domestic transactions under federal securities law. As discussed in greater detail below, this argument is not persuasive, and there are no significant extraterritoriality concerns on the record presented. Defendants’ additional arguments against class certification are similarly unconvincing. Because Plaintiffs have made all the requisite showings under Rule 23, the proposed class will be certified. …