Source: s3://data.kl3m.ai/documents/govinfo/USCOURTS/USCOURTS-azd-2_07-cv-02204/USCOURTS-azd-2_07-cv-02204-5/pdf.json

Nature of Suit Code: 850
Nature of Suit: Securities, Commodities, Exchange
Cause of Action: 15:78m(a) Securities Exchange Act

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NOT FOR PUBLICATION

IN THE UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF ARIZONA

Teimuraz Tsirekidze, On Behalf of

Himself and All Others Similarly Situated,

Plaintiff, 

vs.

Syntax-Brillian Corp., Man Kit (Thomas)

Chow, John S. Hodgson, James Ching Hua

Li, Wayne A. Pratt, Vincent F. Sollitto, Jr.,

Brean Murray Carret & Co., LLC,

Canaccord Adams Inc., Grobstein

Horwath & Company LLP, Merrill Lynch,

Pierce Fenner & Smith Incorporated,

Robert W. Baird & Co. Incorporated, and

UBS Securities LLC

Defendants. 

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No. CV-07-02204-PHX-FJM

ORDER

This action arises out of alleged violations of federal securities laws. On July 17,

2009, we granted lead plaintiff, City of St. Clair Shores Police and Fire Retirement System’s,

and named plaintiff, City of New Haven Policemen and Firemen’s Pension Fund’s

(collectively, “plaintiffs”), motion to certify a class and ordered that the parties stipulate to

a form of notice to the class and file it no later than August 10, 2009 (doc. 296). We now

have before us plaintiffs’ notice of submission of proposed form of notice to the class (doc.

304). 

Under Rule 23(c)(2)(B), Fed. R. Civ. P., we must “direct to class members the best

notice that is practicable under the circumstances.” The notice must state: 

(i) the nature of the action; (ii) the definition of the class certified; (iii) the

class claims, issues, or defenses; (iv) that a class member may enter an

Case 2:07-cv-02204-FJM Document 309 Filed 08/18/09 Page 1 of 2
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appearance through an attorney if the member so desires; (v) that the court will

exclude from the class any member who requests exclusion; (vi) the time and

manner for requesting exclusion; and (vii) the binding effect of a class

judgment on members under Rule 23(c)(3). 

Fed. R. Civ. P. 23(c)(2)(B). We have reviewed plaintiffs’ proposed form of notice and

conclude that it complies with the requirements of Rule 23. The notice “clearly and

concisely” provides the required information regarding the nature of the action and definition

of the class and informs class members of their rights and obligations. 

Plaintiffs have represented that all defendants, except Grobstein Horwath & Company

LLP which did not respond, substantially agree to the form of notice. However, Brean

Murray, Carret & Co., LLC, Canaccord Adams Inc., Merrill Lynch, Pierce, Fenner & Smith,

Inc., Robert W. Baird & Co. Inc., and UBS Securities LLC’s (collectively, “Underwriters”)

disagree as to the deadline for class members to file a request for exclusion. Underwriters

have requested that the deadline be set for September 30, 2009, immediately after the

dispositive motion cutoff date. Plaintiffs request that the deadline be set for October 30,

2009 to provide class members sufficient time to assess their options. We conclude that an

October 30, 2009 opt-out date is reasonable and will not affect any of the deadlines in our

Rule 16 scheduling order (doc. 101). 

IT IS THEREFORE ORDERED that plaintiffs shall issue their proposed form of

notice to the class as soon as practicable. The notice shall reflect that a class member’s

request for exclusion must be postmarked no later than October 30, 2009. 

DATED this 18th day of August, 2009.

Case 2:07-cv-02204-FJM Document 309 Filed 08/18/09 Page 2 of 2