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In Re: Beckman Coulter, Inc., Securities Litigation 10-CV-01327

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In Re: Beckman Coulter, Inc., Securities Litigation 10-CV-01327 Case 8:10-cv-01327-JST -RNB Document 59 Filed 09/19/11 Page 1 of 2 Page ID #:1064 1 Christopher J. Keller Sherrie R. Savett dmitted pro hac vice) admitted pro hac vice) 2 Christopher J. McDonald Barbara A. Podell (admitted pro hac vice) (admitted pro hac vice) 3 LABATON SUCHAROW LLP Douglas M. Risen 140 Broadwa (admitted pro hac vice) 4 New York, Nyew York 10005 Eric Lechtzin (Bar No. 248958) Telephone: (212) 907-0700 BERGER & MONTAGUE, P.C. 5 Facsimile: {{212) 818-0477 1622 Locust Street Email: [email protected] Philadelphia Pennsylvania 19103 6 Telephone: 215) 875-3071 Co-Lead Counsel for Lead Plaintiff and the Facsimile: (215) 875-5715 7 Class Email: [email protected] g Co-Lead Counsel for Lead Plaintiff Mark Labaton (Bar No. 159555) and the Class 9 MOTLEY RICE LLP 1100 Glendon Avenue, 14th Floor 10 Los Angeles, California 90024 Telephone: (310) 500-3488 11 Facsimile: (310) 824.2870 Email: [email protected] 12 Liaison Counsel for the Class 13 UNITED STATES DISTRICT COURT 14 CENTRAL DISTRICT OF CALIFORNIA 15 16 Case No.: 8: X 0-ev-L327-JST (RNBx) 17 IN RE BECKMAN COULTER, INC. DECLARATION OF SECURITIES LITIGATION CHRISTOPHER J. MCDONALD 18 IN SUPPORT OF LEAD PLAINTIFF'S UNOPPOSED 19 MOTION FOR PRELIMINARY APPROVAL OF CLASS ACTION 20 SETTLEMENT 21 Judge: Hon. Josephine Staton Tucker Date: Oct. 24, 2011 22 Time: 10:00 a.m. Courtroom: l 0A 23 24 25 26 27 28 DECLARATION OF CHRISTOPHER J. MCDONALD IN SUPPORT OP LEAD PLAINTIFF'S UNOPPOSED MOTION FOR PRELIMINARY APPROVAL OF CLASS ACTION SETTLEMENT, CASE NO.: 8:16-cv- 1327-JST (RNBx) Case 8:1 0-cv-01327-JST -RNB Document 59 Filed 09/19/11 Page 2 of 2 Page ID #:1065 1 I, CHRISTOPHER J. MCDONALD, declare as follows pursuant to 28 2 U.S.C.§1746: 3 1. I am a member of the law firm of Labaton Sucharow LLP, court- 4 appointed Lead Counsel, together with Berger & Montague, P.C., for Lead 5 Plaintiff Arkansas Teacher Retirement System and Iron Workers District Council 6 of New England Pension Fund and the Class, and am admitted to practice pro hac 7 vice before this Court. I respectfully submit this Declaration in support of Lead 8 Plaintiff s Unopposed Motion for Preliminary Approval of Class Action Settlement 9 and the Memorandum of Paints and Authorities in support thereof. I have personal 10 knowledge of the matters testified to herein. 11 2. Annexed hereto as Exhibit 1 is a true and correct copy of the 12 Stipulation of Settlement, dated as of September 13, 2011. 13 3. Annexed hereto as Exhibit 2 is a true and correct copy of the firm 14 resume of Labaton Sucharow LLP, Lead Counsel in the Action. 15 4. Annexed hereto as Exhibit 3 is a true and correct copy of the firm 16 resume of Berger & Montague, P.C., Lead Counsel in the Action. 17 5. Annexed hereto as Exhibit 4 is a true and correct copy of material 18 concerning the proposed claims administrator, A.B. Data., Ltd.. 19 I hereby declare under penalty of perjury that the foregoing is true and 20 correct. 21 22 Dated: September 16, 2011 23 24 ^- Christopff^. McDonald (admitted pro hac vice) 25 26 27 28 DECLARATION OF CHRISTOPHER J. MCDONALD IN SUPPORT OF LEAD PLAINTIFF'S UNOPPOSED MOTION FOR PRELIMINARY APPROVAL OF CLASS ACTION SrTTLEWN'r, CASE No.: 8:10-CV-1327-JST (RNBx) EXHIBIT 1 EXECUTION COPY 1 Christopher J. Keller Sherrie R. Savett 2 (admitted pro hac vice) (admitted pro hac vice) Christopher J. McDonald Barbara A. Podell 3 (admitted pro hac vice) (admitted pro hac vice) LABATON SUCHAROW LLP Douglas M. Risen 4 140 Broadway (admitted pro hac vice) New York, New York 10005 Eric Lechtzin (Bar No. 248958) 5 Telephone: (212) 907-0700 BERGER & MONTAGUE, P.C. Facsimile: (212) 818-0477 1622 Locust Street 6 Email: [email protected] Philadelphia, Pennsylvania 19103 Telephone: (215) 875-3071 7 Co-Lead Counsel for Lead Plaintiff and the Facsimile: (215) 875-5715 Class Email: [email protected] 8 Co-Lead Counsel for Lead Plaintiff 9 Mark Labaton (Bar No. 159555) and the Class MOTLEY RICE LLP 10 1100 Glendon Avenue, 14th Floor Los Angeles, California 90024 11 Telephone: (310) 500-3488 Facsimile: (310) 824-2870 12 Email: [email protected] 13 Liaison Counsel for the Class 14 UNITED STATES DISTRICT COURT 15 CENTRAL DISTRICT OF CALIFORNIA 16 ) 17 ) Case No.: 8:10-cv-1327-JST (RNBx) ) 18 IN RE BECKMAN COULTER, INC. ) STIPULATION OF SETTLEMENT SECURITIES LITIGATION ) 19 ) ) Hon. Josephine Staton Tucker 20 ) ) 21 ) 22 23 24 25 26 27 28 STIPULATION OF SETTLEMENT Case No.: 8:10-cv-1327-JST (RNBx) 1 This stipulation and agreement of settlement (the “Stipulation” or 2 “Settlement”) is made and entered into by and between Arkansas Teacher 3 Retirement System and Iron Workers District Council of New England Pension 4 Fund (“Lead Plaintiff”), on behalf of itself and the putative Class (defined below), 5 and Beckman Coulter, Inc. (“Beckman” or the “Company”), and the Individual 6 Defendants (defined below, and together with the Company, the “Defendants”). 7 WHEREAS: 8 A. All words or terms used herein that are capitalized shall have the 9 meaning ascribed to those words or terms as set forth herein and in ¶ 1 hereof 10 entitled “Definitions.” 11 B. In September 2010, two proposed class actions were filed against the 12 Defendants in the United States District Court for the Central District of California 13 (the “Court”) captioned, respectively, City of Southfield Fire & Police Ret. System 14 v. Beckman Coulter, Inc., Case No. 8:10-cv-1327 (C.D. Cal. Sept. 3, 2010) and 15 Pinchuck v. Beckman Coulter, Inc., Case No. 8:10 cv-1334 (C.D. Cal. Sept. 7, 16 2010). On December 8, 2010, the Court issued an order consolidating these cases 17 into the present Action and appointing Arkansas Teacher Retirement System and 18 Iron Workers District Council of New England Pension Fund as Lead Plaintiff, 19 permitting Steelworkers Pension Trust to serve as a named Plaintiff (collectively 20 “Plaintiffs”), and appointing Labaton Sucharow LLP and Berger & Montague, P.C. 21 as Lead Counsel for the putative Class. 22 C. Lead Plaintiff filed a Consolidated Class Action Complaint for 23 Violations of Federal Securities Laws (the “Complaint”) on February 7, 2011 24 against the Defendants, asserting claims under Sections 10(b) and 20(a) of the 25 Securities Exchange Act of 1934 (the “Exchange Act”) on behalf of any person or 26 entity who purchased or otherwise acquired Beckman common stock between July 27 31, 2009 and July 22, 2010, inclusive, and who were allegedly damaged thereby. 28 STIPULATION OF SETTLEMENT 2 Case No.: 8:10-cv-1327-JST (RNBx) 1 D. On April 22, 2011, Defendants filed a Motion to Dismiss, which was 2 currently pending before the Court at the time of this Settlement. 3 E. Lead Plaintiff, through Lead Counsel, states that it conducted a 4 thorough investigation relating to the claims and underlying events and 5 transactions of the Action. This process included reviewing and analyzing: 6 Beckman’s filings with the Securities and Exchange Commission (the “SEC”); 7 securities analysts’ reports; public statements by Defendants; media reports about 8 Defendants; court records in multiple actions involving Beckman; trading data; 9 documents obtained from the United States Food and Drug Administration 10 (“FDA”) pursuant to requests made under the Freedom of Information Act; recall 11 notices of Beckman’s products dating back to January 2006; adverse event reports 12 from the FDA’s Manufacturer and User Facility Device Experience database; and 13 product and other information available on Beckman’s website, 14 www.beckmancoulter.com. 15 F. Lead Counsel also states that it interviewed more than 60 former 16 employees of Beckman and consulted with FDA industry experts regarding, among 17 other things, medical devices and radiation producing electronic products, site and 18 plant inspections, good manufacturing practices, quality control, health and safety 19 requirements, and pre-market notification requirements pursuant to Section 510(k) 20 of the Federal Food, Drug, and Cosmetic Act (21 U.S.C. § 360(k)), as well as 21 damages experts. 22 G. On June 9, 2011, Lead Plaintiff and the Defendants (collectively, the 23 “Parties”) participated in a mediation regarding potential settlement of the Action 24 facilitated by the Honorable Daniel Weinstein of JAMS. In connection with the 25 mediation process, the Parties exchanged confidential mediation statements and 26 information regarding their respective views of the merits of the claims and of 27 alleged damages. In connection with the mediation process, Lead Plaintiff and 28 Lead Counsel conducted arm’s-length negotiations with counsel for Defendants STIPULATION OF SETTLEMENT 3 Case No.: 8:10-cv-1327-JST (RNBx) 1 with respect to a potential compromise and settlement of the Action with a view to 2 achieving the best relief possible consistent with the interests of the Class. 3 H. Based upon their investigation and the mediation, Lead Plaintiff and 4 Lead Counsel have concluded that the terms and conditions of this Settlement are 5 fair, reasonable and adequate to Plaintiffs and the Class. Lead Plaintiff believes 6 that the claims asserted in the Action have merit and that evidence developed to 7 date supports the claims asserted. However, Lead Plaintiff and Lead Counsel 8 recognize and acknowledge the expense and length of continued proceedings 9 necessary to prosecute the Action against the Defendants through trial and appeals. 10 Lead Plaintiff and Lead Counsel also have taken into account the uncertain 11 outcome and the risk of any litigation, especially in complex actions such as the 12 Action, and the possibility that the Court could dismiss the Action with prejudice 13 on a ruling on the Defendants’ motion to dismiss or at summary judgment.
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