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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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