Source: s3://data.kl3m.ai/documents/govinfo/USCOURTS/USCOURTS-cand-3_07-cv-00374/USCOURTS-cand-3_07-cv-00374-5/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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LIONEL Z. GLANCY (#134180)

ANDY SOHRN (#241388)

GLANCY BINKOW & GOLDBERG LLP

1801 Avenue of the Stars, Suite 311

Los Angeles, California 90067

Telephone: (310) 201-9150

Facsimile: (310) 201-9160

Attorneys for Furkan M. Khan,

and Proposed Co-Lead Counsel

[Additional Counsel on Signature Page]

UNITED STATES DISTRICT COURT

NORTHERN DISTRICT OF CALIFORNIA

AMNON MEIR, On Behalf of Himself and

All Others Similarly Situated,

 Plaintiffs,

 v.

ALVARION LTD., ZVI SLONIMSKY,

DAFNA GRUBER and MEIR BAREL,

 Defendants.

No. 3:07-cv-00374-JSW

JOINT SUBMISSION AND

STIPULATION SEEKING

APPOINTMENT OF FURKAN M.

KHAN AND RAHUL SARAF AS

CO-LEAD PLAINTIFFS

Pursuant to this Court’s Order dated September 20, 2007, movants Furkan

M. Khan and Rahul Saraf hereby submit this Joint Submission and Stipulation

Seeking Appointment of Furkan M. Khan and Rahul Saraf as co-Lead Plaintiffs,

and the attached [Proposed] Order.

Brief Relevant History

On January 19, 2007, a class action complaint (Case No. 

3:07-cv-00374-JSW), was filed with the United States District Court for the

 Northern District of California by Amnon Meir, alleging violations of federal

securities laws in connection with purchases of Alvarion Ltd. securities. Similar

complaints were filed in other courts and in other federal districts, and

subsequently, the related cases were consolidated by this Court’s Order dated

Case 3:07-cv-00374-JSW Document 78 Filed 10/30/07 Page 1 of 8
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1The three related cases titled Meir v. Alvarion Ltd., et al., Case No. C 07-

00374-JSW, Hacker v. Alvarion Ltd., et al., Case No. C 07-00374-JSW, and

Braun v. Alvarion Ltd. et al., Case No. C 07-02602-JSW, were consolidated under

the first-filed Meir v. Alvarion Ltd., et al. case by this Court’s Order dated

September 20, 2007.

2

 The statute sets a deadline for filing motions to be appointed lead plaintiff

as “not later than 60 days after the date on which the notice [of pendency of the

class action] is published.” 15 U.S.C. § 78u-4(a)(3)(A). As set forth in Khan’s

original moving papers, the applicable notice was published on February 6, 2007. 

Thus, the deadline for filing motions for appointment as lead plaintiff was April 9,

2007.

3

 Harel Insurance Company, Ltd. has withdrawn its application for lead

plaintiff in this action, while Furkan M. Khan continues to seek appointment as

co-lead plaintiff. See Notice of Withdrawal (Docket No. 71; filed September 20,

2007).

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September 20, 2007.1

Pursuant to Section 21(D) of the Private Securities Litigation Reform Act of

1995 (“PSLRA”), only three movants timely filed motions2

 to be appointed Lead

Plaintiffs:

1. on April 9, 2007, movants Harel Insurance Company Ltd.3 and Furkan

M. Khan (previously, the “Harel Group”) timely filed a motion for

their appointment as Lead Plaintiffs and approval of their choice of

counsel, Glancy Binkow & Goldberg LLP and Law Office of Jacob

Sabo as Co-Lead Counsel in the within case (Docket Nos. 17-20, 22);

2. on April 9, 2007, movant Rahul Saraf timely filed a motion for his

appointment as Lead Plaintiff and approval of his choice of counsel,

Federman & Sherwood as Lead Counsel and Green Welling LLP as

Liaison Counsel (Docket Nos. 14-16, 30); and

3. on April 9, 2007, movants Irving Braun and Gary J. Fruchter

(collectively, the “Braun Group”) timely filed a motion for their

Case 3:07-cv-00374-JSW Document 78 Filed 10/30/07 Page 2 of 8
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4

 As Khan and Saraf have each, individually, suffered greater losses than

the entire Braun Group, even considered individually (and not jointly), each would

be presumptively more adequate to serve as lead plaintiff than the Braun Group.

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appointment as Lead Plaintiff and approval of their choice of counsel,

Coughlin Stoia Geller Rudman & Robbins LLP as Lead Counsel

(Docket Nos. 21, 23-26).

Furkan M. Khan and Rahul Saraf Should Be Appointed Co-Lead Plaintiffs

Furkan M. Khan and Rahul Saraf are the presumptive “most adequate

plaintiffs” and should be appointed as co-Lead Plaintiffs.

 As fully set forth in their original moving papers (hereby incorporated by

reference), the Court is to presume that the “most adequate plaintiff” is the person

or group of persons who, “in the determination of the court has the largest financial

interest in the relief sought by the class.” As reflected in the original moving

papers, the only other movant in this action seeking appointment as lead plaintiff is

the Braun Group. 

The losses sustained by Rahul Saraf alone dwarf the losses sustained by the

entire Braun Group. Whereas Saraf individually sustained losses of $94,649.25

(see Saraf loss analysis, Declaration of Robert Green at Exhibit 2; Docket No. 30),

the Braun Group only suffered losses of $10,857 (see Braun Group certifications

and Braun Group loss charts, Declaration of Tricia McCormick at Exhibits A & B;

Docket No. 23).

Additionally, Furkan M. Khan individually sustained substantially more

losses than the entire Braun Group, having lost $34,808 (see Loss Charts,

Declaration of Lionel Z. Glancy at Exhibit C; Docket No. 19). Khan and Saraf,

individually and collectively, have suffered greater losses than the Braun Group. 

As such, they are the presumptive most adequate plaintiffs, and should be

appointed as co-Lead Plaintiffs.4

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Having suffered by far the largest losses, Saraf and Khan are the presumptive

most adequate plaintiffs, and should therefore be appointed co-Lead Plaintiffs. 

Thus, Saraf and Khan stipulate as follows:

WHEREAS, the Court is to presume that the “most adequate plaintiff” is the

person or group of persons who, “in the determination of the court has the largest

financial interest in the relief sought by the class”;

WHEREAS, pursuant to the PSLRA, Lead Plaintiffs are vested with

authority to select and retain Lead Counsel, subject to court approval; 

WHEREAS, movants Furkan M. Khan and Rahul Saraf have agreed to serve

as co-Lead Plaintiffs; 

WHEREAS, movants Furkan M. Khan and Rahul Saraf have collectively

agreed to the selection of the law firms Glancy Binkow & Goldberg LLP, Law

Office of Jacob Sabo, and Federman & Sherwood as co-Lead Counsel; and

WHEREAS, Rahul Saraf and Furkan M. Khan are presumptively the most

adequate plaintiffs in this action, claiming losses of $94,649.25 and $34,808,

respectively, which are considerably greater than the $10,857 in losses claimed by

the only other movant, the Braun Group;

IT IS HEREBY STIPULATED AND AGREED, by Furkan M. Khan and

Rahul Saraf, through their undersigned counsel, as follows:

1. Movants Furkan M. Khan and Rahul Saraf hereby renew their motions for

appointment as lead plaintiff, incorporating by reference their original

moving papers;

2. Furkan M. Khan and Rahul Saraf now jointly seek appointment as co-Lead

Plaintiffs in this action pursuant to § 21D(a)(3)(B) of the Securities

Exchange Act of 1934, 15 U.S.C. § 78u-4(a)(3)(B); and

3. Furkan M. Khan and Rahul Saraf now jointly seek approval of their choice

of counsel, Glancy Binkow & Goldberg LLP, Law Office of Jacob Sabo, and

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Federman & Sherwood, as co-Lead Counsel pursuant to § 21D(a)(3)(B)(v)

of the Securities Exchange Act of 1934, 15 U.S.C. § 78u-4(a)(3)(B)(v).

Respectfully submitted,

Dated: October 12, 2007 GLANCY BINKOW & GOLDBERG LLP

By /s/ Lionel Z. Glancy 

Lionel Z. Glancy

Andy Sohrn

1801 Avenue of the Stars, Suite 311

Los Angeles, CA 90067

Telephone: (310) 201-9150

Facsimile: (310) 201-9160

THE LAW OFFICE OF JACOB SABO

Jacob Sabo

The Tower, No. 3 Daniel Frisch St.

15th Floor

Tel Aviv, Israel 64731

Telephone: 011 972 3 607 88 88

Facsimile: 011 972 3 607 88 89

Attorneys for Furkan M. Khan 

and Proposed Co-Lead Counsel

Dated: October 12, 2007 FEDERMAN & SHERWOOD

By /s/ William B. Federman 

William B. Federman

10205 N. Pennsylvania

Oklahoma City, OK 73120

Telephone: (405) 235-1560

Facsimile: (405) 239-2112

Attorneys for Rahul Saraf and 

Proposed Co-Lead Counsel

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I, Andy Sohrn, am the ECF user whose identification and password are being

used to file the JOINT SUBMISSION AND STIPULATION SEEKING

APPOINTMENT OF FURKAN M. KHAN AND RAHUL SARAF AS CO-LEAD

PLAINTIFFS. In compliance with General Order 45.X.B, I hereby attest that both

Lionel Z. Glancy and William B. Federman have concurred in this filing.

Dated: October 12, 2007 GLANCY BINKOW & GOLDBERG LLP

By: /s/ Andy Sohrn 

Andy Sohrn

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[PROPOSED] ORDER

Having considered the moving papers and subsequent joint submission and

stipulation of movants Furkan M. Khan and Rahul Saraf for appointment as Lead

Plaintiffs and approval of their selection of co-Lead Counsel, and good cause

appearing therefor, 

IT IS HEREBY ORDERED:

1. This Order (the “Order”) shall apply to the above-captioned

consolidated action (the “Action”).

2. Every pleading in the Action shall have the following caption:

IN RE ALVARION LTD.

SECURITIES LITIGATION

No. 3:07-cv-00374-JSW

3. Movants Furkan M. Khan and Rahul Saraf are appointed to serve as

co-Lead Plaintiffs in the above-captioned consolidated actions,

pursuant to 15 U.S.C. §78u-4(a)(3)(B).

4. The law firms Glancy Binkow & Goldberg LLP, The Law Office of

Jacob Sabo, and Federman & Sherwood are hereby approved as coLead Counsel for the Class. Lead Counsel shall provide general

supervision of the activities of plaintiff’s counsel and shall have the

following responsibilities and duties to perform or delegate as

appropriate:

a) to brief and argue motions;

b) to initiate and conduct discovery, including, without limitation,

coordination of discovery with defendants’ counsel, preparation

of written interrogatories, requests for admission and requests

for production of documents;

c) to direct and coordinate the examination of witnesses in

depositions;

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d) to act as spokesperson at pretrial conferences;

e) to call and chair meetings of plaintiffs’ counsel as appropriate or

necessary from time to time;

f) to initiate and conduct any settlement negotiations with counsel

for defendants;

g) to provide general coordination of the activities of plaintiffs’

counsel and to delegate work responsibilities to selected counsel

as may be required in such a manner as to lead to the orderly

and efficient prosecution of this litigation and to avoid

duplication or unproductive effort;

h) to consult and employ experts;

i) to receive and review periodic time reports of all attorneys on

behalf of plaintiffs, to determine if the time is being spent

appropriately and for the benefit of plaintiffs and to determine

and distribute plaintiffs’ attorneys’ fees; and

j) to perform such other duties as may be expressly authorized by

further order of this Court.

5. An Amended Consolidated Complaint shall be filed by co-Lead

Plaintiffs no later than sixty (60) days after the effective date of this

Order.

Dated: ________________, 2007 ____________________________

HONORABLE JEFFREY S. WHITE

 United States District Court Judge

October 30

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