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Nurlybaev v. ZTO Express (Cayman) Inc.

'Lax' Factors, PSLRA Noted in Lead Plaintiff's Appointment in Securities Class Suit

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OPINION & ORDER

*1 On August 14, 2017, plaintiff Rustem Nurlybaev commenced a securities class action against ZTO Express (Cayman) Inc. (“ZTO”), various underwriters, and certain individuals alleging violations of Sections 11, 12(a)(2), and 15 of the Securities Act of 1933. This action seeks damages on behalf of all persons who purchased or otherwise acquired securities traceable to ZTO’s registration statement (filed in conjunction with its October 27, 2017 Initial Public Offering), and were damaged thereby. Complaint, Dkt. No. 1, at 10.Before the litigation can proceed, the Private Securities Litigation Reform Act (the “PSLRA”) requires the Court to appoint the lead plaintiff and counsel for the putative class. 15 U.S.C. §77z-1(a)(3)(B). On October 16, 2017, three parties filed motions to be appointed class representative: Nurlybaev, ZTO Investor Group, and the Wong Family Trusts. After these motions were filed, and upon review of the motion brought by the Wong Family Trusts, ZTO Investor Group and Nurlybaev filed Notices of Non-Opposition, conceding that they did “not appear to have the largest financial interest” in the relief sought by the class.

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