MANHATTAN (LN) — The order addresses applications filed by Tallulah Kelly, Pierre Verpeaux, Igor Valandro, Raghavendra Ganesh, and Sisi Ye, who moved for appointment as lead plaintiff on May 12, 2023.
Under the Securities Litigation Uniform Standards Act, the court must determine the "most adequate plaintiff" by identifying which applicant holds the largest financial interest sought and otherwise satisfies Federal Rule of Civil Procedure 23 requirements.
Caproni noted that the presumption of adequacy may be rebutted by evidence showing an applicant will not fairly protect class interests or is subject to unique defenses.
The judge allowed each applicant one submission, capped at 3,500 words including appendices and attorney declarations, to address the financial stakes, typicality, and any opposition to lead counsel selection.
Applicants may file a single reply in support of their applications by June 2, 2026, with the reply limited to 1,750 words.
The case, docketed as 1:26-cv-02063, remains pending before Caproni in the Southern District of New York.