Parties Agree to Consolidate 4 Verizon Shareholder Suits Over Toxic Lead Cables
The parties in four shareholder derivative lawsuits against Verizon and its officers and board members for allegedly duping investors over the company’s ownership of toxic lead cables (see 2310130045) agree that the cases “should be consolidated for all purposes, including pre-trial proceedings and trial,” said their stipulation and proposed order Tuesday (docket 3:23-cv-21123) in U.S. District Court for New Jersey in Trenton.
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Combining the cases into a single consolidated action will avoid “duplication of effort and potentially conflicting results,” while also conserving “party and judicial resources,” said the stipulation. All the derivative actions “challenge substantially the same alleged conduct by similar Verizon directors and officers,” it said. They also involve “substantially the same questions of law and fact, and are based on substantially the same factual allegations,” it said.
The plaintiffs also agree to propose Laurence Rosen, of the Rosen Law Firm in Newark, as their lead counsel, said the stipulation. The Verizon defendants take no position on Rosen’s designation, it said. Rosen is counsel of record for the plaintiffs in one of the four derivative lawsuits.
The consolidated action files will be maintained in one docket, 3:23-cv-21123, said the stipulation. All documents previously filed or served in the derivative actions will be deemed a part of the record in the consolidated action, it said. The consolidation order will apply “to each purported derivative action arising out of the same or substantially the same transactions or events” as the consolidated action that may be subsequently filed in, removed to or transferred to the Trenton court, it said.
The parties agree that within 30 days, they will submit to the court a proposal regarding "next steps," said the stipulation. The Verizon defendants will have no obligation to answer or otherwise respond to any of the respective complaints in the derivative actions or the consolidated derivative action, except as ordered by the court on consideration of the parties’ "forthcoming proposal," it said.