MANHATTAN (LN) — A Manhattan federal magistrate judge on Monday signed off on a stipulated order appointing two investor groups as co-lead plaintiffs and approving Pomerantz LLP and The Rosen Law Firm, P.A. as co-lead counsel in a securities-fraud class action against PomDoctor, Ltd. and five related defendants, ending a three-way competition over who would lead the case.
The lawsuit, filed as Louie v. PomDoctor, Ltd. et al., names PomDoctor and individual defendants Zhenyang Shi and Li Xu, along with Joseph Stone Capital, LLC, Cogency Global, Inc., and Marcum Asia CPAs, LLP, alleging violations of the federal securities laws.
Three movants had filed competing lead-plaintiff motions on April 13: the PomDoctor Investor Group — comprising Paolo Roberti, Feng Jingxin, Li Jinwei, and Li Zihao — Lawrence Alkano, and Brandi McKinney. McKinney subsequently withdrew, filing a notice of non-opposition and stating that it appeared she had not asserted the largest financial interest in the class.
That left the PomDoctor Investor Group and Alkano, both of whom claimed the largest financial interest and Rule 23 adequacy. Rather than continue litigating their competing motions, the two sides agreed, concluding that pooling their resources would more effectively and efficiently prosecute the action.
Magistrate Judge Stewart D. Aaron, citing the Private Securities Litigation Reform Act's most-adequate-plaintiff standard, determined that both groups satisfy the PSLRA's requirements and appointed them co-lead plaintiffs. He approved Pomerantz and Rosen Law as co-lead counsel under the same order.
The order bars any plaintiff from filing motions, discovery requests, settlement negotiations, or other pretrial proceedings without co-lead counsel's approval, and designates co-lead counsel as the contact between plaintiffs and both defense counsel and the court.
A consolidated amended complaint is due May 29, 2026.