Case 3:01-cv-03361-CRB Document 317 Filed 12/09/2004 Page 1 of 3
1 BERNSTEIN LITOWITZ BERGER
& GROSSMANN LLP
2 ALAN SCHULMAN (Bar No. 128661)
BLAIR A. NICHOLAS (Bar No. 178428)
3 NIKI L. O'NEEL (Bar No. 214646)
12544 High Bluff Drive, Suite 150
41 San Diego, CA 92130
Tel: (858) 793-0070
5 Fax: (858) 793-0323
Attorneys for Lead Plaintiff
6 Otter Creek Partners and
Lead Counsel for the Class
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8 UNITED STATES DISTRICT COURT
9 NORTHERN DISTRICT OF CALIFORNIA
10 SAN FRANCISCO DIVISION
11 In re CLARENT CORPORATION Master File No. C-01-3361 CRB (JCS)
SECURITIES LITIGATION
12 CLASS ACTION
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This Document Relates To:
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ALL ACTIONS.
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18 STIPULATION AND f 2#0111111911D] ORDER STAYING AND SEVERING ACTION
AGAINST DEFENDANTS SIMON WONG AND MICHAEL VARGO
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STIPULATION AND [PROPOSED] ORDER
STAYING AND SEVERING ACTION
Master File No. C-01-3361 CRB (JCS)
Case 3:01-cv-03361-CRB Document 317 Filed 12/09/2004 Page 2 of 3
1 WHEREAS, on December 1., 2004, Lead Plaintiff Otter Creek Partners ("Plaintiff") and
2 Defendants Simon Wong ("Wong") and Michael Vargo ("Vargo") (Wong and Vargo
3 collectively referred to herein as "Settling Defendants") (Plaintiff and Settling Defendants
4 collectively referred to herein as "Settling Parties") reached an agreement memorialized in a
5 memorandum of understanding ("MOU"), to settle all claims in this action against the Settling
6 I Defendants;
7 WHEREAS, the Settling parties intend to submit a Stipulation of Settlement and request
8 for preliminary approval of class action settlement and procedure for class notice, and thereafter
9 request final approval and dismissal of the claims against Settling Defendants with prejudice;
10 WHEREAS, the Court has set a trial in the matter for January 24, 2005;
11 WHEREAS, a significant amount of discovery, including fact and expert depositions and
12 written discovery is occurring and will continue to occur in the next couple of months in
13 preparation for trial;
14 WHEREAS, the Settling Parties hope to avoid incurring the additional costs of discovery
15 and trial preparation related to claims against Settling Defendants;
16 NOW THEREFORE, pursuant to Local Rule 7-11, the Settling Parties, by and through
17 counsel, hereby agree and stipulate that it would be an efficient use of resources to sever the
18 claims by Lead Plaintiff against Wong and Vargo and stay the severed claims pending further
19 order of the Court. Thus, the Settling Parties respectfully request that this Court order that:
20 (1) all claims against the Settling Defendants shall be severed from the above-
21 captioned consolidated action against Defendants Ernst & Young LLP, Jerry Shaw-Yau Chang,
22 Matthew Chiang and other parties; and
23 (2) the severed claims against the Settling Defendants in the above-captioned
24 consolidated action shall be stayed pending final approval of the above-described partial
25 settlement of the action.
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STIPULATION AND [PROPOSED] ORDER
STAYING AND SEVERING ACTION
Master F ile No. C-01-3361 CRB (JCS)
Case 3:01-cv-03361-CRB Document 317 Filed 12/09/2004 Page 3 of 3
Dated: December 6, 2004 BERNSTEIN LITOWITZ BERGER
& GROSSMANN LLP
3 By: Is! Niki L. O'Neel
NIKI L. O'NEEL
41 Attorneys for Lead Plaintiff Otter Creek
Partners and Lead Counsel to the Class
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6 Dated: December 6, 2004 SHARTSIS FRIESE & GINSBURG LLP
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By: /s/ Zesara C. Chan
8 ZESARA C. CHAN
Attorneys for Defendant
9 Michael Vargo
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11 Dated: December 6, 2004 ORRICK, HERRINGTON
& SUTCLIFFE, LLP
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13 By: /s/ Peter E. Root
PETER E. ROOT
14 Attorneys for Defendant
Simon Wong
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16 ORDER
17 PURSUANT TO STIPULATION, IT IS SO ORDERED:
18 Upon Settling Parties ' stipulation , the claims against Defendants Simon Wong and
19 Michael Vargo are hereby SEVERED.
20 Upon assignment of a new case number, the seve ' ins shall be STAYED pending
I1 further order of the Court.
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23 DATED : 02
THE'HONORABLE CHARLES R. BREYER
24 United States District Court Judge
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STIPULATION AND [PROPOSED ] ORDER
STAYING AND SEVERING ACTION
Master t'ile No. C-OI-3361 CR13 (JCS)