Joel Sharenow, et al. v. Impac Mortgage Holdings, Inc.,

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Joel Sharenow, et al. v. Impac Mortgage Holdings, Inc., Powered By Docstoc
					                          1                                                                                  -SOUTHERN DIVISIO
                                   Lionel 2. Glancy (SBN 134180)                                             . U.S. DISTRICT COUF
                                   GLA_NCV BINKOW & GOLDBERG LLP
                                   1801 Avenue of the Stars, Suite 311
                          3        Los Angeles , California 90067
                                   Tel- 310-201-9150                                                    L          !!ALIT
                                                                                                     CENTRAL DISTRICT OF
^-                        4             310-201-9160                                                 BY                       D
     S                   Q          nail: IQlancy(tt 1ancvlaw.com

                                          for Proposed Lead PlaintiffJoel Sharenow

                UUI                           counsel listed on signature page]                       NOTE CHANGES MADE BY
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                                                             UNITED STATES DISTRICT COURT
                     o.
                Ne ; a I                                   CENTRAL DISTRICT OF CALIFORNIA
                CL i=JI

                                                                     Southern Division -Santa Ana
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                     13           S1-{ ELDON I'IITLEMAN, Individually and             No. 07-cv-00970-AG-MI.61
                     14           On Behalf of All Others Similarly Situated.
                                                                                      CLASS ACTION
                     1        I                         Plaintiff,
                                                                                      STIPULATION AND IP
                     16i                 v.                                           ORDER TO CONSOLIDATE
                                                                                      RELATED ACTIONS AND APPOINT
                     17           IMPAC MORTGAGE HOLDINGS, INC., et                   LEAD PLAINTIFF AND LEAD
                     18                                                               COUNSEL

                     19                                 Defendants.

                  20
                                                                                                       A&(M
                  21
                  22
                                  RICI IARD ABR AMS, Individually and On
                                  Behalf of All Others Similarly Situated,
                                                                                      No. 07-cv.-0i 174-1Vii.    U^)
                  23                                   Plaintiff,

                  24                    v.

                  25              IMPAC MORTGAGE HOLDINGS, INC., ei
                  26              al.,

                 27                                    Defendants.

                 28-


                                  07-cv-00970 -AG-MLC; 07-cv-011 74-CJ'C-AN - STIPULATION AND 1PROPOSEDI ORDER TO
                                  CONSOLIDATE RELAT ED ACTIONS AND APPOINT LEAD PLAINTIFF AND LEAD COUNSEL



         Z d 60008 i098^ 'ON/80 : 8 i 'ZS /60 : 8l LO ,9Z '0 J (Ilid)                                                               1
                                                            STIPULATION

                          WHEREAS, the above-referenced cases (the `Related Actions"), 1'ittleman v. lnzpac

              r Mortgage Holdings. Inc., et at,, No. 07-cv-00970-AG-MLG (commenced on August 17, 2007)
            4!
                  and Abrams v. Impac Mortgage Holdings, Inc., el al.. No. 07-cv-01174 -CJC-AN (commenced

                  on October 3, 2007), are private securities class actions that fall under the Private Securities
            6$
            71 Litigation Reform Act of 1995- 15 U.S.C . § 78u-4 (the '`PSLRA")'
            g             WIIIiRF.AS both of the Related Actions assert claims under Sections 10(b) and 20(a) of

         9       the Securities Exchange Act of 1934 (the "Exchange Act"), 15 U. S.C. §§78j(b) and 78t(a), and

        1f1      Rule I Ob-S promulgated thereunder , 17 C.F.R. §240.10b-5, on behalf of the same alleged class
        II
                 of investors against Impact Mortgage Holdings, Inc. ("IMH ") and certain of its officers and
        12
                 directors, and seek recovery of alleged losses on common stock purchased by members of the
        13 '
                 alleged class during the same alleged class period;
        14

        15               WHEREAS, pursuant to the PLS RA (Section 21 D(a)(3 )( A)(i) of the Exchange Act, 15

       16        U.S.C. §78u-4(a)(3)(A)( i)), plaintiff in the Pirtleman action, caused notice to be published by a

        117 , press release issued on August 17, 2007, announcing that a securities class action had been

       is
                 filed against the defendants herein, and advisin8. purchasers of IM1-I securities that they• had
       19
                 until October 16, 2007 to file a motion to be appointed lead plaintiff;
       20
                         WHEREAS, the PSLRA provides that the Court is to appoint lead plaintiff and approve
       21
       22        the lead plaintiff's selection of counsel ( 15 U.S.C . § 78u-4 (a)(3));

       _3 I              WHEREAS , pursuant to the PSI . RA, Joel Sharenow ("Sharenow ") filed a motion on

       24        October 16, 2007 seeking his appointment as lead plaintiff and approval of his selection of the

       25        law firms of Gardy & Notis, LLP and Faruqi & h'arugi, I . I.P as lead counsel for the alleged

       26        class and Glancy Binkow & Goldberg LLP as liaison counsel for the alleged class, as well as
       ,7
                 consolidation of the Related Actions for all purposes;
       28

                     _                       _                2
                 07-cv-00970-AC-MLG; 07-cv-O1174-CJC-AN - STIPULATION AND [PROPOSED[ ORDER TO
                 CONSOLIDATE RELATED ACTIONS AND APPOINT LEAD PLAINTIFF AND LEAD COUNSEL


E d 6000810981 'OV90:8l 'ZS/60:8 i LO ,9Z 'O 1 (IEd)                                                                  WOU
                        WHEREAS, no other member of the alleged class has sought appointment as lead
            2 I plaintiff and/or counsel; and

                       WHEREA S, in order to avoid the unnecessary expenditure of time and effort by the
         4
                parties and the Court, the parties have conferred and agreed, subject to the Court's approval, to
         5
               set a schedule for the filing of a consolidated complaint and defendants' response thereto;
         6
                       IT IS HEREBY STIPULATE D and AGREED, by and between the parties. through

         8     their undersigned attorneys and subject to the Court's approval, as follows:

         9             1.      Abrams v. Impac Mortgage Holdings, Inc., et al., No. 07-cv-01174-CJC-AN is

        10     hereby consolidated with r'ittleman v. Impac Mortgage Holdings, Inc., et al., No. 07-ev-00970-
        11
               AG-MLG, for all purposes;
        12
                       2.      Joel Sharenow is hereby appointed as lead plaintiff;
        13
        14
                       3.      Gardy & Notis, LLP and Faruqi & Faruqi, LLI' are hereby appointed as

        15     plaintiffs' lead counsel , and Clancy 13inkow & Goldberg, LLP is hereby appointed as

        16     plaintiffs' liaison counsel;

                       4.      Defendants are not required to respond to any of the complaints previously filed
        18
               in the Related Actions;
        19
                       5.      Absent further stipulation and Order of the Court. Plaintiffs' lead counsel shall
        °
               file a consolidated complaint no later than 60 days from the date of the Court's entry of the
       211
               accompanying Order; Defendants shall file their response to the consolidated complaint no
       22

       23      later than 50 days after the fling of the consolidated complaint; and if defendants file a motion

       24      to dismiss, plaintiffs ' shall file their opposition no later than 50 days after the filing of the

       25      motion and defendants shall file their reply no later than 30 days after the filing of the
       26
               opposition..
       27

       28


                      -AG-MLG ; 07-vv-01174-CJC-AN - STIPULATION AND (PROPOSE DI ORDER TO
              CONSOLIDATE R ELATED ACTIONS AND APPOINT LEAD PLAINTIFF AND LEAD COUNSEL



^ d 60008 i09D'0N/80 : €1 '1S/60:8I L O ,9Z '01(IHJ)                                                                WOU
         t   j Dated: October 26, 2007
                                                     GLANCY BINKOW & GOLDBERG LLP


                                                     By:
                                                           Lionel Z. Glancy ( SBN 134180)
                                                    1801 Avenue of the Stars, Suite 311
                                                    Los Angeles, California 90067
                                                    Tel: 310-201-9150
                                                    Fax: 310 -201-9160
                                                    Email : 1glancy( glancylaw.co m

                                                    Counselfor PlainrUin 07-cv-00970 and
                                                    Proposed Liaison Cozimeljbr Plaintiffs

                                                    Mark C. Gardy
                                                    LARDY & NOT(S, LLP
                                                    440 Sylvan Avenue, Suite 110
                                                    Englewood Cliffs. New Jersey 07632
                                                    Tel: 201-567-7377
                                                    Fax: 201-567-7337
                                                    Email : my,.gardvlaw.com

                                                    Nadeem Farugi
                                                    FARUQI & FARUQI, LL?
                                                    369 Lexington Avenue. 10th Floor
                                                    New York, New York 10017-6531
                                                    Tel: 212-983-9330
                                                    Fax: 212-983-9331
                                                    Email: niaruui nfan gilaw.com

    a                                               Counselfor Plaint fin 07-cv-0097(1 and
                                                    Proposed Lead Counselfor Plaintiffs
    21

    G
                                                    BRODSKY & SMITH, LLC
   2;
                                                                     "
                                                    By:           jj^ cam Li /Sy
                                                            Evan J . Smith (SBW242332)       -02   67
                                                    9595 Wilshire Boulevard, Suite 900
                                                    Beverly Hills, California 90212
                                                    Tel: 310-300-8425
   2t                                               Fax: 310-247-0160
                                                    Email: esm ith(a)hrodsky-smith,com
   2'

   2f

                                                              4
             17-cv-00970 - AGNTLC ; 07-cv-011'74-CJC-AN - STIPULATION AND (PROPOSED ORDER TO
             CONSOLIDATE RELA TED ACTIONS AND APPOINT LEAD PLAINTIFF AND LEAD COUNSEL



d 6000E 109D '0N/O1 '1.5160:ei LO ,9Z '01(IIa)                                                     w0ug
                    i
                                                                  Stuart L . Berman
                                                                  SCH1 FRIN BARROWAlr
                L i.
                                                                          TOPAZ & KESSLER LLP
                                                                  280 King of Prussia Road
                                                                  Radnor, Pennsylvania 19087
                                                                  Tel: 610-667-7706
                                                                  Fax: 610-667-7056
                                                                  Email: sberman(aisbtkla^ com
                6                                                 Counselfor Plaintiffin 07-CV.01174

                                                                  LATHAM &        ATKINS LLP
                8

            9
                                                                  DY: L'le
           10                                                           Pamela S . Palmer (SBN 107590)
                                                                  633 West Pith Street, Suite 4000
           11                                                     Los Angeles, California 90071-2007
                                                                  Tel: 213 -485-1234
           12                                                     Fax: 213- 891-9763
                                                                  Email : Pamela,Lalmcr(1w.com
           13
                                                                  Counselfor Defendants
           14

           15

           16

           17

           18

           19

           20

           21

           ,2




           23




           24

           75

       26
       27
       x-

       '
       28 11




                                                                        5                    _
                        07'cv-00970 -AG-MLG ; 07•cv- 01174-CJC-AN -STIPUI..ATION AND t PROPOSEDI ORDER TO
                        CONSOLIDATE RELATED ACTIONS AND APPOINT LEAD PLAINTIFF AND LEAD COUNSEL,



9 d 6000E 1098 '09/80: E 1 '1S/01: E 1 LO               '01(IU)                                             Y(OHd
             i•
               i                                                  ORDER

                            I.      Abrams v. Impac Mortgage Holdings, Inc., et al., No. 07-c; v-01 174-          iN is

                   hereby consolidated with 1'ittleman v. Impac Mortgage Holdings, Inc., et al., No . 07-cv-00970-
         4
                   ACS-MLG, for all purposes;

                           2.       Joel Sharenow is hereby appointed as lead plaintiff;
        6
                           3.       Gardy & Notis, LLP and Varugi & F.rrugi, LLP are hereby appointed as

        g          plaintiffs' lead counsel , and Glancy Binkow & Goldberg, LLP is hereby appointed as {

        9          plaintiffs ' liaison cotmset;

       !0                  4.      Defendants arc not required to respond to any of the complaints previously filed
       11 ,1
                   in the Related Actions;
       12
                           6.      Absent further stipulation and Order of the Court , Plaintiffs ' lead counsel shall
       l3!
                   file a consolidated complaint no later than 60 days from the date of the Court ' s entry of this
       14 ii
          I,
       15          Order, Defendants shall file their response to the consolidated complaint no later than 50 days

       16          after the filing of the consolidated complaint; and if defendants file a motion to dismiss,

       17          plaintiffs ' shall file their opposition no later than 50 days after the filing of the motion and
      18
                   defendants shall rile their reply no later than 30 days after the filing of the opposition..
      19;                  ^4ear Ill^/             die        cf         ,^^       c        t     V^         T
      20                                     IT IS Sa ORDERZD.

                    d : NCN..
                   ::'°' , 2007
      22                                                          UNITED STA"l'ES DISTRICT JU GE A
                                                                                  ANDREW J. GUILFORD
      23

      24
      25

      26


      28

                                                                     6
                   07-crc-00970-AG-MLG ; 07-cv-0I 174-CJC-AN - STIPULATION AND IPROPOSEDI ORDER TO
                   CONSOLIDATE RELATED ACTIONS AND APPOINT LEAD PLAINTIFF AND LEAD COUNSEL



L d 6000E1090'0N/80:E1'1S/QT:E1 L0,9Z'Oi(IH9)                                                                             WOU
       1                                     PROOF OF SERVICE BY MAIL


                  I, the undersigned, say:

       4           I am a citizen of the'United States and am employed in the office of a member of the Bar of
       5
           this Court. I am over the age of 18 and not a party to the within action. My business address is 1801
           Avenue of the Stars, Suite 311, Los Angeles, California 90067.
       6
                    On October 26,2006, 1 sewed the following:


       8            I        STIPULATION AND [PROPOSED] ORDER TO CONSOLIDATE RELATED
                             ACTIONS AND APPOINT LEAD PLAINTIFF AND LEAD COUNSEL
       Q

           on the parties shown below via united states postal service a true copy thereof enclosed in a sealed
      ii   envelope fully prepaid and delivering same to an unauthorized drop box of the overnight carrier at
           Los Angeles. California to:
     1..                                                           Mark C Garde
            Nadeem Narugi                                          Gardy & Notis LLP
     13
            Faruqi & Faruqi LLP                                    440 Sylvan Avenue, Suite 110
     14
            369 Lexington Avenue, 10th Floor                       Englewood Cliffs, NJ 07632
            Now York, NY 10017-6531
      t5    2 ] 2-983-9330
            Evan J Smith                                           Stuart L. Berman
     1(i
            Brodsky & Smith LLC                                    Schiffrin Barroway Topaz & Kessler LLP
            9595 Wilshire Boulevard, Suite 900                     280 King of Prussia Road
            Beverly Hills, CA 90212                                Radnor, Pennsylvania 19087
     18     310-300-9425
            Email: esmith@brodsky-srnith.com
     19

     20     Pamela S. Palmer
            Latham & Watkins LLP
     21     633 West Fifth Street, Suite 4000
            Los Angeles, CA 90071
     22
     23
                  Executed on October 26, 2006, at Los Angeles, California.
     24
                  I certify under penalty of perjury that the foregoing is true and correct.
     25

     26

     27                                                 ella Moore



                                              PROOF OI. SERVICE - IMPAC 1.1 rIGAl ION
                                                                                                            P'1xt! I




8 d 6000 O9 'ON/ U Ei 'is/O1:E1 L !9z 'oi (IW