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Cullinan v. Cemtrex Inc.

Related Class Actions Consolidated; 'Lax/Olsen' Factors Show Party With Largest Interest

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MEMORANDUM AND ORDER

*1 Presently before the Court are two competing motions requesting that the Court (1) consolidate three related securities class actions,¹ (2) appoint movant as lead plaintiff, and (3) approve movant’s selection of lead counsel, pursuant to Section 21D of the Securities Exchange Act of 1934 (the “Exchange Act”), 15 U.S.C. §78u-4(a)(3)(B), as amended by the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). The pending motions were filed in Cullinan, the first-filed action, one by Umang Khetarpal, Benjamin Webb, Gang Chen, Timothy Heath, and Minh Nguyen (collectively, the “Cemtrex Investor Group”)² (ECF No. 20),³ and the other by Zarrin Nelson (“Nelson,” and together with the Cemtrex Investor Group, “movants”) (ECF No. 23). The Cemtrex Investor Group and Nelson filed their motions on behalf of a putative class of purchasers of Cemtrex, Inc.*2

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