The court of appeals granted a petition for writ of mandamus in part. The court held that the lead plaintiff in a putative securities fraud class action brought under the Private Securities Litigation Reform Act had exclusive authority to select lead counsel, subject only to district court approval.
Various plaintiffs filed putative securities fraud class actions against NVIDIA Corporation between late 2007 and mid-2008. The actions were consolidated. Seven purported class members or groups of class members moved to be appointed lead plaintiff and for approval of their choice of lead counsel. The district court appointed Roberto Cohen and New Jersey Carpenters Pension and Annuity Funds as co-lead plaintiffs. The court also appointed Milberg LLP (New Jersey Pension’s choice) and Girard Gibbs LLP (another group’s choice) as co-lead counsel.
