Trellus Management tries one more time
Full docket text for document 287: MOTION Indicative Ruling on Motion for Relief that is Barred by Pending Appeal. Document filed by Trellus Management Company LLC. (Attachments: # (1) Affidavit, # (2) Exhibit A)(Rosen, Laurence)
Not going to get too deep in the weeds with this, as it is a long story and has been brewing since mid summer last year.
Long story short, Trellus made motions last year to change the lead plaintiffs. This was done so that the complaint against some of the defendants could be changed to reflect another securities violation.
What was at stake was that the statute of limitations for the type of claim against the underwriters and the two Puda Board members was at it's limit.
The end result was that the judge shot it down, but bifurcated the trial so that Zhao and Puda , who have never participated, were separated and the remaining defendants stayed in the the other half. The cases against the board members and the underwriters then became moot because of the statute, so all that was left was the Auditors who had a different violation that was still viable for trial.
I don't see the judge reversing course on this, but what do I know...lol..but it sure seems to me to be "FUBAR" if you know what that means. I also read the cites and the law that Trellus is using to compel the judge to decide in their favor, and I cannot say how strong the argument is. But now I have three things I am waiting on.
The decision on this new motion. The former motion for leave to file a new complaint. And the motion to dismiss by Citic in the Tarsavage case.