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FB_MDL Brief Copy

FB_MDL Brief Copy

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Published by: david_hamilton8395 on Jun 15, 2012
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BEFORE THE UNITED STATES JUDICIAL PANEL ONMULTIDISTRICT LITIGATION
-------------------------------------------------------------- x
IN RE FACEBOOK, INC. IPOSECURITIES & DERIVATIVELITIGATION
:::MDL NO. ____ -------------------------------------------------------------- x
DEFENDANTS’ BRIEF IN
SUPPORT OF THEIR MOTIONTO TRANSFER ACTIONS TO THE SOUTHERN DISTRICT OFNEW YORK PURSUANT TO 28 U.S.C. § 1407 FOR COORDINATEDAND/OR CONSOLIDATED PRETRIAL PROCEEDINGSWILLKIE FARR & GALLAGHER LLP
Richard D. Bernstein (rbernstein@willkie.com)Tariq Mundiya (tmundiya@willkie.com)Todd G. Cosenza (tcosenza@willkie.com)Sameer Advani (sadvani@willkie.com)787 Seventh Avenue New York, New York 10019Telephone: (212) 728-8000Facsimile: (212) 728-8111
KIRKLAND & ELLIS LLP
Andrew B. Clubok (aclubok@kirkland.com)Brant W. Bishop, P.C.(bbishop@kirkland.com)601 Lexington Avenue New York, New York 10022Telephone: (212) 446-4836Facsimile: (212) 446-4900Thomas D. Yannucci(tyannucci@kirkland.com)Susan E. Engel (seengel@kirkland.com)655 15th Street, NWWashington, D.C. 20005Telephone: (202) 879-5000Facsimile: (202) 879-5200
 Attorneys for Defendants Facebook, Inc., Mark Zuckerberg, Sheryl K. Sandberg, David A. Ebersman, David M. Spillane, Marc L. Andreessen, Erskine B. Bowles, James W. Breyer, Donald E. Graham, Reed Hastings, and Peter A. Thiel
DAVIS POLK & WARDWELL LLP
James P. Rouhandeh (rouhandeh@davispolk.com)Charles S. Duggan (charles.duggan@davispolk.com)Andrew Ditchfield (andrew.ditchfield@davispolk.com)450 Lexington Avenue New York, New York 10017Telephone: (212) 450-4000Facsimile: (212) 701-5800
  Attorneys for Defendants Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, and Goldman, Sachs & Co.
Case Pending No. 76 Document 1-1 Filed 06/14/12 Page 1 of 24
 
 
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TABLE OF CONTENTSPage
PRELIMINARY STATEMENT .....................................................................................................1
 
BACKGROUND .............................................................................................................................5
 
A.
 
Factual Background .................................................................................................5
 
B.
 
Litigation Related To The IPO ..............................................................................10
 
ARGUMENT .................................................................................................................................12
 
I.
 
THE ACTIONS SHOULD BE CENTRALIZED IN ONE DISTRICT. ...........................12
 
II.
 
THE ACTIONS SHOULD BE CENTRALIZED IN THE SOUTHERN DISTRICT OF NEW YORK. .....................................................................................................................14
 
A.
 
Transfer To The Southern District Of New York Will BestFacilitate Efficient Discovery In The Actions. ......................................................14
 
B.
 
Transfer To The Southern District Of New York Will EnsureConsistent Rulings On Critical Issues....................................................................17
 
C.
 
The Southern District Of New York Has Distinct Strengths For Handling Complex Multidistrict Securities Litigation. .........................................18
 
CONCLUSION ..............................................................................................................................19
 
Case Pending No. 76 Document 1-1 Filed 06/14/12 Page 2 of 24
 
 
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TABLE OF AUTHORITIES
Cases
Page
City of Omaha, Neb. Civilian Emps.
’ Ret.
Sys. v. CBS Corp.
, No. 11-2575, 2012 WL 1624022 (2d Cir. May 10, 2012) .................................................17
 Dura Pharm., Inc. v. Broudo
,544 U.S. 336 (2005) ...........................................................................................................14
 In re Adelphia Commc’ns Corp
.,273 F. Supp. 2d 1353 (J.P.M.L. 2003) ...............................................................................18
 In re AOL Time Warner Sec. Litig.
,235 F. Supp. 2d 1380 (J.P.M.L. 2002) ...............................................................................12
 In re Bank of Am. Corp., Sec., Derivative & ERISA Litig.
,626 F. Supp. 2d 1327 (J.P.M.L. 2009) ...............................................................................18
 In re Bank of N.Y. Mellon Corp. Foreign Exchange Transactions Litig.
,MDL No. 2335, 2012 U.S. Dist. LEXIS 53533 (J.P.M.L. Apr. 16, 2012) ........................13
 In re The Bear Stearns Cos., Inc. Sec., Derivative & ERISA Litig.
,572 F. Supp. 2d 1377 (J.P.M.L. 2008) ...............................................................................12
 In re Cygnus Telecomm. Tech., LLC 
,177 F. Supp. 2d 1375 (J.P.M.L. 2001) ...............................................................................13
 In re Fannie Mae Sec. & ERISA Litig.
,598 F. Supp. 2d 1374 (J.P.M.L. 2009) ...............................................................................18
 In re Fed. Home Loan Mortg. Corp. (Freddie Mac) Sec. Litig.
,643 F. Supp. 2d 1378 (J.P.M.L. 2009) .........................................................................12, 18
 In re Global Crossing Ltd. Sec. & ERISA Litig.
,223 F. Supp. 2d 1384 (J.P.M.L. 2002) ...............................................................................18
 In re IPO Sec. Litig.
,277 F. Supp. 2d 1375 (J.P.M.L. 2003) ...............................................................................18
 In re Janus Mut. Funds Inv. Litig.
,310 F. Supp. 2d 1359 (J.P.M.L. 2004) ...................................................................12, 13, 14
 In re Mun. Derivatives Antitrust Litig.
,560 F. Supp. 2d 1386 (J.P.M.L. 2008) .........................................................................16, 18
 In re Res. Exploration, Inc. Sec. Litig.
,483 F. Supp. 817 (J.P.M.L. 1980) ......................................................................................14
Case Pending No. 76 Document 1-1 Filed 06/14/12 Page 3 of 24

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