Turesky v. Las Vegas Sands Corp. et al, No. 2:2020cv02340 - Document 14 (D. Nev. 2021)
Court Description: ORDER Granting 12 Stipulation to Stay Case. The parties shall file a status report by 10/31/2021, and every six months thereafter until this stay is lifted. Signed by Judge Andrew P. Gordon on 2/24/2021. (Copies have been distributed pursuant to the NEF - MR)
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Turesky v. Las Vegas Sands Corp. et al 1 2 3 4 5 6 10 11 Attorneys for Nominal Defendant Las Vegas Sands Corp. 8 9 LAW OFFICES 3883 Howard Hughes Parkway, Suite 1100 Las Vegas, Nevada 89169 702.784.5200 Patrick G. Byrne (Nevada Bar #7636) Morgan Petrelli (Nevada Bar #13221) SNELL & WILMER L.L.P. 3883 Howard Hughes Parkway, Suite 1100 Las Vegas, NV 89169 Tel. 702.784.5200 Fax. 702.784.5252 Email: pbyrne@swlaw.com mpetrelli@swlaw.com Walter C. Carlson (Pro Hac Vice to be filed) Lawrence P. Fogel (Pro Hac Vice to be filed) SIDLEY AUSTIN LLP One South Dearborn Street Chicago, Illinois 60603 Tel. 312.853.7000 Fax. 312.853.7036 Email: wcarlson@sidley.com lawrence.fogel@sidley.com 7 Snell &L.L.P.Wilmer Doc. 14 12 UNITED STATES DISTRICT COURT DISTRICT OF NEVADA 13 14 15 Case No. 2:20-cv-02340-APG-VCF ANDREW TURESKY, derivatively on behalf of LAS VEGAS SANDS CORP., 16 Plaintiff, v. 17 18 19 20 21 SHELDON G. ADELSON, PATRICK DUMONT, ROBERT G. GOLDSTEIN, IRWIN CHAFETZ, MICHELINE CHAU, CHARLES D. FORMAN, STEVEN L. GERARD, GEORGE JAMIESON, CHARLES A. KOPPELMAN, LEWIS KRAMER, and DAVID F. LEVI, Defendants, 22 and 23 24 STIPULATION AND [PROPOSED] ORDER TO STAY PROCEEDINGS LAS VEGAS SANDS CORP., Nominal Defendant. 25 26 /// 27 /// 28 /// Dockets.Justia.com 1 Plaintiff Andrew Turesky (“Plaintiff”), Nominal Defendant Las Vegas Sands Corp. 2 (“LVSC”), and Defendants Sheldon G. Adelson,1 Patrick Dumont, Robert G. Goldstein, Irwin 3 Chafetz, Micheline Chau, Charles D. Forman, Steven L. Gerard, George Jamieson, Charles A. 4 Koppelman, Lewis Kramer, and David F. Levi (the “Individual Defendants,” together with LVSC, 5 the “Defendants”), by and through their undersigned counsel, hereby stipulate as follows: 6 WHEREAS, on December 28, 2020, Plaintiff filed a stockholder derivative action on behalf 7 of Nominal Defendant LVSC in this Court alleging violations of the federal securities laws and 8 breaches of fiduciary duty, captioned Turesky v. Adelson et al., Case No. 2:20-cv-02340-APG-VCF 9 (the “Derivative Action”); WHEREAS, the Individual Defendants have agreed to waive service,2 while expressly 10 LAW OFFICES 3883 Howard Hughes Parkway, Suite 1100 Las Vegas, Nevada 89169 702.784.5200 Snell &L.L.P.Wilmer 11 preserving all other defenses and objections except as to the sufficiency of service of process; 12 WHEREAS, in his Complaint, Plaintiff brings claims asserting, among other things, that 13 Individual Defendants breached their fiduciary duties by making and/or causing LVSC to make 14 false and misleading statements, and by causing and/or allowing conduct that was the subject of 15 the alleged misstatements, and thereby subjected LVSC to damages, including potential liability in 16 a putative class action brought in the District of Nevada, The Daniels Family 2001 Revocable Trust 17 v. Las Vegas Sands Corp., Case No. 2:20-cv-01958-GMN-EJY (the “Securities Action”), involving 18 alleged violations of the Securities Exchange Act of 1934 (the “Exchange Act”); 19 WHEREAS, the Securities Action brings claims against LVSC and one current and one 20 former officer, and alleges breaches of the Exchange Act based on facts substantially similar to 21 those alleged in the Derivative Action; 22 WHEREAS, the plaintiff in the Securities Action will be filing an amended complaint by 23 24 25 26 1 Mr. Adelson recently passed after the filing of this action. Defendants filed the Notice of Death of Sheldon G. Adelson on February 23, 2021. ECF No. 11. During the pendency of the stay, Plaintiff anticipates and may follow the appropriate procedure for substitution of party, as set forth in Federal Rule of Civil Procedure 25. 2 27 28 Nominal Defendant LVSC has already been served. On February 1, 2021, this Court granted Plaintiff and LVSC’s joint motion for extension of time, extending LVSC’s deadline to answer or otherwise respond to the complaint to February 24, 2021. ECF No. 10. -2- 1 March 8, 2021, and the defendants in the Securities Action have until May 7, 2021 to respond, 2 including by filing any motion to dismiss. All briefing on the motion to dismiss in the Securities 3 Action is scheduled to be completed by August 5, 2021; 4 5 6 7 8 9 10 LAW OFFICES 3883 Howard Hughes Parkway, Suite 1100 Las Vegas, Nevada 89169 702.784.5200 Snell &L.L.P.Wilmer 11 12 13 WHEREAS, this joint stipulation will promote the efficient and orderly administration of justice by coordinating the Derivative Action with the Securities Action; IT IS HEREBY STIPULATED AND AGREED, by and between Plaintiff and Defendants, through their undersigned counsel, that: 1. The Individual Defendants hereby waive service of the summons, pursuant to Rule 4(d) of the Federal Rules of Civil Procedure, and accept service of the complaint as of the date of this order. 2. The above-captioned action (including all discovery) shall be stayed until 30 days after the final resolution of the motion to dismiss in the Securities Action. 3. The parties shall promptly notify each other of any related derivative lawsuits or 14 threatened derivative lawsuits (including books and records demands and litigation demands) that 15 they become aware of. 16 4. If the plaintiff in any related derivative lawsuit refuses to agree to a stay for the same 17 or a longer duration, or in the event that any of the parties to any related derivative lawsuit execute 18 an agreement pertaining to the settlement of that related derivative lawsuit without the parties to 19 the Derivative Action also executing an agreement pertaining to the settlement of the Derivative 20 Action, then Plaintiff may lift the agreed-upon stay upon 30 days’ notice via email to the 21 undersigned counsel for Defendants. 22 5. Once the stay of proceedings is lifted, the parties shall meet and confer and submit 23 a proposed scheduling order within 14 days governing further proceedings in the Derivative Action, 24 including the date by which Defendants must answer or otherwise plead. For the avoidance of 25 doubt, Defendants have no obligation to answer or otherwise plead during the pendency of the stay, 26 including to the complaint that has been filed. 27 28 -3- 1 mediation with the plaintiffs in the Securities Action or any formal settlement negotiations with 3 any purported plaintiffs in any related derivative lawsuits or threatened derivative lawsuits, and 4 shall invite Plaintiff to participate therein. 7. During the pendency of the stay, Defendants shall promptly provide Plaintiff with 6 copies of any documents produced to plaintiffs in the Securities Action and in any related derivative 7 lawsuits, including to any plaintiffs who received books and records from LVSC before filing any 8 derivative lawsuits. 9 10 11 LAW OFFICES 3883 Howard Hughes Parkway, Suite 1100 Las Vegas, Nevada 89169 702.784.5200 Defendants agree to provide Plaintiff with reasonable advance notice of any 2 5 Snell &L.L.P.Wilmer 6. 8. Prior to the production of any documents by Defendants to Plaintiff, the parties shall enter into a confidentiality agreement and/or protective order. 9. Notwithstanding this stay of the Derivative Action, Plaintiff may file an amended 12 complaint during the pendency of the stay. Defendants shall be under no obligation to respond to 13 any such complaint while the Derivative Action is stayed, unless otherwise ordered by the Court. 14 10. 15 addressed herein. 16 17 By entering into this Stipulation, the parties do not waive any rights not specifically IT IS SO STIPULATED. Dated: February 23, 2021 18 19 20 21 22 23 24 25 26 27 28 LEVERTY & ASSOCIATES LAW CHTD. SNELL & WILMER, L.L.P. By: /s/ Patrick G. Byrne Patrick G. Byrne, Esq. Morgan Petrelli, Esq. 3883 Howard Hughes Parkway, Ste. 1100 Las Vegas, NV 89169 Tel. 702.784.5200 Fax. 702.784.5252 Email: pbyrne@swlaw.com mpetrelli@swlaw.com By: /s/ Patrick R. Leverty Patrick R. Leverty Reno Gould House 832 Willow Street Reno, NV 89502 Tel. 775.322.6636 Fax. 775.322.3953 Email: pat@levertylaw.com Phillip Kim THE ROSEN LAW FIRM, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel. 212.686.1060 Fax. 212.202.3827 Email: pkim@rosenlegal.com Walter C. Carlson (Pro Hac Vice to be filed) Lawrence P. Fogel (Pro Hac Vice to be filed) Martha C. Clarke (Pro Hac Vice to be filed) -4- 1 2 3 4 SIDLEY AUSTIN LLP One South Dearborn Street Chicago, Illinois 60603 Tel. 312.853.7000 Fax. 312.853.7036 Email: wcarlson@sidley.com lawrence.fogel@sidley.com mclarke@sidley.com Timothy Brown THE BROWN LAW FIRM, P.C. 240 Townsend Square Oyster Bay, NY 11771 Tel. 516.922.5427 Fax. 516.344.6204 Email: tbrown@thebrownlawfirm.net 5 Attorneys for Plaintiff Attorneys for Defendants 6 7 8 9 10 ORDERED LAW OFFICES 3883 Howard Hughes Parkway, Suite 1100 Las Vegas, Nevada 89169 702.784.5200 Snell &L.L.P.Wilmer 11 12 13 I hereby grant this stipulation and stay this case. The parties shall file a status report by October 31, 2021, and every six months thereafter until this stay is lifted. 14 15 IT IS SO ORDERED: 16 February 24, 2021 Dated:__________________ 17 ________________________ ANDREW P. GORDON UNITED STATES DISTRICT JUDGE 18 19 20 21 22 23 24 25 26 27 28 -5- 1 CERTIFICATE OF SERVICE 2 I hereby certify that on February 23, 2021, I electronically transmitted the foregoing 3 document to the Clerk’s Office using the CM/ECF System for filing and transmittal of a Notice of 4 Electronic Filing to all counsel in this matter; all counsel being registered to receive Electronic 5 Filing. 6 /s/ Lyndsey Luxford An employee of Snell & Wilmer L.L.P. 7 8 9 10 LAW OFFICES 3883 Howard Hughes Parkway, Suite 1100 Las Vegas, Nevada 89169 702.784.5200 Snell &L.L.P.Wilmer 11 12 13 14 15 16 17 4827-9610-9789.1 18 19 20 21 22 23 24 25 26 27 28 -6-
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