Young v. Solana Labs, Inc. ( 2023 )

1 2 3 4 5 6 UNITED STATES DISTRICT COURT 7 NORTHERN DISTRICT OF CALIFORNIA 8 9 MARK YOUNG, Case No. 22-cv-03912-JD 10 Plaintiff, ORDER RE LEAD PLAINTIFF AND 11 v. LEAD COUNSEL 12 SOLANA LABS, INC., et al., Defendants. 13 14 The Court grants movant Mark Young’s motion to serve as lead plaintiff and to appoint 15 lead counsel, Dkt. No. 33, and orders as follows. 16 Pursuant to Section 27(a)(3)(B) of the Securities Act, 15 U.S.C. § 77z-1(a)(3)(B), movant 17 Mark Young is appointed as lead plaintiff for the putative class in this action. The pendency of 18 this action was published as required under 15 U.S.C. § 77z-1(a)(3)(A). See Dkt. No. 20. It is not 19 disputed that Young has the largest financial interest in the relief sought by the class, and he 20 otherwise satisfies the requirements of Rule 23 of the Federal Rules of Civil Procedure. See 15 21 U.S.C. § 77z-1(a)(3)(B); In re Cavanaugh, 306 F.3d 726 (9th Cir. 2002). 22 Young’s counsel in this action is Schneider Wallace Cottrell Konecky LLP. Pursuant to 23 Section 27(a)(3)(B)(v) of the Securities Act, 15 U.S.C. § 77z-1(a)(3)(B)(v), the Court approves 24 Young’s selected and retained counsel, Schneider Wallace, to serve as lead counsel for the 25 putative class in the action. 26 Lead plaintiff Young will file an amended complaint by January 12, 2024. If the amended 27 complaint challenges any statements as false or misleading under the securities laws, the 1 challenged statements must be identified in chart form as part of the complaint. See In re Stitch 2 Fix, Inc. Securities Litigation, Case No. 18-cv-06208-JD, Dkt. No. 80 at 5. 3 The case will be administratively closed pending the filing of the amended complaint. 4 IT IS SO ORDERED. 5 Dated: November 13, 2023 6 7 JAMES#PONATO 8 United ftates District Judge 9 10 11 12 13 © 15 16 = 17 Z 18 19 20 21 22 23 24 25 26 27 28