Free Response to Motion - District Court of Delaware - Delaware

Case 1:06-cv-00224-JJF Document 17 Filed 06/19/2006 Page 1 of 2
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June 19, 2006
BY ELECTRONIC FILING
Honorable Joseph J. Farnan, Jr.
U.S. District Court for the District of Delaware
District of Delaware
844 N. King Street, Room 4209
Wilmington, DE 19801
Re: Hyland v. JP. Mo1·ga11 Securities Inc., N0. 06-0224
Dear Judge Farnan:
I write in response to the June I2, 2006 motion of plaintiff Samuel Hyland for
appointment as lead plaintiff and appointment of Joseph Gielata as lead counsel. Defendant
takes no position on the merits ofthe motion at this time because it is premature.
On April 6, 2006, plaintiff moved before the Judicial Panel on Multidistrict
Litigation to consolidate this case with related cases for pretrial proceedings before a transferee
court. "Tl1e [Private Securities Litigation Reform Act} requires that if more than one action on
behalf of a class asserting substantially the same claim has been filed, and any party seeks to
consolidate those actions, the court must decide the question of consolidation before turning to
the appointment of a lead plaintiff" In re Royal Alzolcl N I/T Sec. & ERISA Ling., 219 F.R.D.
343, 348 (D. Md. 2003) (citing I5 U.S.C. 78u~4(a)(3)(B)(ii)).
Furthermore, a motion is pending that could moot any lead—plaintiff appointment,
On April 18, 2006, Stephen Blau, the plaintiff in the related action of Blau v. Hariisoir before the
Northern District of Illinois, tiled a motion to stay the prosecution of the instant case consistent
with this Court’s stay order of February 7, 2006 directed at Mr. l—lyland’s other lawsuit, Hyland
v. Harrison. On May 2, 2006, defendants in the Hyland v. Harrison action suggested that this
Court "should stay Hylancl v. J.P.. Morgan Securities Inc. pending a decision from the MDL
Panel on the Hyland plaintiffs motion for centralization? if this Court adopts either proposal,
adjudicating a lead-plaintiff appointment at this time will have represented a waste of judicial
resources.
mir 1 -3021109-a

Case 1 :06-cv-00224-JJF Document 17 Filed 06/19/2006 Page 2 of 2
Honorable Joseph .J. Faman, Jr.
June 19, 2006
Page 2
Defendant respectfully reserves the right to obfect to any proposed lead plaintiff
and/or lead counsel when the motion is ripe.
Respectfully submitted,
Michael R. Robinson (DSBA # 4452)
MRR!mr
cc: Joseph N. Gielata, Esq.
Pamela S. Tikeilis, Esq.
Michael A. Cooper, Esq.
Jesse A. Finkelstein, Esq.
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