In Re Gilead Sciences Securities Litigation 03-CV-4999-Plaintiffs' Co
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1 ROBBINS GELLER RUDMAN & DOWD LLP 2 SANFORD SVETCOV (36561) SUSAN K. ALEXANDER (124276) 3 Post Montgomery Center One Montgomery Street, Suite 1800 4 San Francisco, CA 94104 Telephone: 415/288-4545 5 415/288-4534 (fax) [email protected] 6 [email protected] — and — 7 DAVID J. GEORGE (admitted pro hac vice) ROBERT J. ROBBINS (admitted pro hac vice) 8 120 East Palmetto Park Road, Suite 500 Boca Raton, FL 33432 9 Telephone: 561/750-3000 561/750-3364 (fax) 10 [email protected] [email protected] 11 MILBERG LLP 12 JOSHUA H. VINIK (admitted pro hac vice) LORI G. FELDMAN (admitted pro hac vice) 13 ROSS BROOKS (admitted pro hac vice) One Pennsylvania Plaza KAPLAN FOX & KILSHEIMER LLP 14 New York, NY 10119 LAURENCE D. KING (206423) Telephone: 212/594-5300 350 Sansome Street, Suite 400 15 212/868-1229 (fax) San Francisco, CA 94104 [email protected] Telephone: 415/772-4700 16 [email protected] 415/772-4707 (fax) [email protected] [email protected] 17 Co-Lead Counsel for Plaintiffs Liaison Counsel for Plaintiffs 18 UNITED STATES DISTRICT COURT 19 NORTHERN DISTRICT OF CALIFORNIA 20 21 In re GILEAD SCIENCES SECURITIES ) Master File No. C-03-4999-SI LITIGATION ) CLASS ACTION 22 23 This Document Relates To: ) PLAINTIFFS' CO-LEAD COUNSEL'S ) NOTICE OF MOTION AND MOTION FOR ALL ACTIONS. ) AN AWARD OF ATTORNEYS' FEES AND 24 ) EXPENSES AND MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT 25 THEREOF 26 DATE: November 5, 2010 TIME: 10:30 a.m. 27 CTRM: The Honorable Susan Illston 28 577727_2 1 TABLE OF CONTENTS 2 Page 3 I. INTRODUCTION 1 4 II. AWARD OF ATTORNEYS' FEES 4 5 A. A Reasonable Percentage of the Fund Recovered Is the Appropriate Approach to Awarding Attorneys' Fees in Common Fund Cases 4 6 B. A Percentage Fee of 30% of the Fund Created Is Reasonable in This Case 6 7 1. The Result Achieved 6 8 2. A 30% Fee Award Is Consistent With Fees Awarded in Similar 9 Complex Class Action Litigation 7 10 3. The Attorneys' Fees Requested Are Fair and Reasonable in Light of the Contingent Nature of the Representation 10 11 4. The Risks of the Litigation and the Novelty and Difficulty of the 12 Questions Presented 11 13 5. The Skill Required and the Quality and Efficiency of the Work 15 14 III. COUNSEL'S EXPENSES ARE REASONABLE AND WERE NECESSARILY INCURRED TO ACHIEVE THE BENEFIT OBTAINED 16 15 IV. CONCLUSION 18 16 17 18 19 20 21 22 23 24 25 26 27 28 577727_2 PLAINTIFFS' CO-LEAD COUNSEL'S NOTICE OF MOTION & MOTION FOR AWARD OF - i - ATTORNEYS' FEES & EXPENSES & MEMO OF P'S & A'S IN SUPPORT THEREOF - C-03-4999-SI 1 TABLE OF AUTHORITIES 2 Page 3 CASES 4 Abrams v. Lightolier Inc., 50 F.3d 1204 (3d Cir. 1995) 5 16 6 Alaska Elec. Pension Fund v. Flowserve Corp., 572 F.3d 221 (5th Cir. 2009) 2 7 AUSA Life Ins. Co. v. Ernst & Young, 8 39 Fed. Appx. 667 (2d Cir. 2002) 11 9 Aviva Partners LLC v. Exide Techs., No. 3:05-cv-03098-MLC-LHG (D.N.J. June 23, 2009) 8 10 Behrens v. Wometco Enters., Inc., 11 118 F.R.D. 534 (S.D. Fla. 1988), aff'd, 899 F.2d 21 (11th Cir. 1990) 6 12 Blum v. Stenson, 13 465 U.S. 886 (1984) 5,9 14 Bratcher v. Bray-Doyle Indep. Sch. Dist. No. 42, 8 F.3d 722 (10th Cir. 1993) 16 15 Bryant v. Avado Brands, Inc., 16 100 F. Supp. 2d 1368 (M.D. Ga. 2000), rev 'd on other grounds and 17 remanded sub nom. Bryant v. Dupree, 252 F.3d 1161 (11th Cir. 2001) 12 18 Camden I Condo. Ass 'n v. Dunkle, 946 F.2d 768 (11th Cir. 1991) 5 19 Cent. R.R. & Banking Co. v. Pettus, 20 113 U.S. 116 (1885) 4,5 21 Churchill Vill., L.L.C. v. GE, 22 361 F.3d 566 (9th Cir. 2004) 12 23 Clark v. Lomas & Nettleton Fin. Corp., 79 F.R.D. 641 (N.D. Tex. 1978), vacated on other grounds, 24 625 F.2d 49 (5th Cir. 1980) 12 25 Florin v. Nationsbank, N.A., 34 F.3d 560 (7th Cir. 1994) 5 26 Goldstein v. MCI WorldCom, 27 340 F.3d 238 (5th Cir. 2003) 13 28 577727_2 PLAINTIFFS' CO-LEAD COUNSEL'S NOTICE OF MOTION & MOTION FOR AWARD OF - ii - ATTORNEYS' FEES & EXPENSES & MEMO OF P'S & A'S IN SUPPORT THEREOF - C-03-4999-SI 1 2 Page 3 Gottlieb v. Barry, 43 F.3d 474 (10th Cir. 1994) 5 4 Harris v. Intel Corp., 5 No. C-00-1528-CW(EMC), slip op. (N.D. Cal. July 15, 2003) 9 6 Harris v. Marhoefer, 7 24 F.3d 16 (9th Cir. 1994) 16 8 Hensley v. Eckerhart, 461 U.S. 424 (1983) 6 9 In re Activision Sec. Litig., 10 723 F. Supp. 1373 (N.D. Cal. 1989) 6 11 In re Adac Labs. Sec. Litig., 12 No. C-98-4934-MHP, slip op. (N.D. Cal. Sept. 18, 2000) 9 13 In re Aetna Inc. Sec. Litig., MDL No. 1219, 2001 U.S. Dist. LEXIS 68 (E.D. Pa. Jan. 4, 2001) 9 14 In re Apollo Group, Inc. Sec. Litig., 15 No. CV 04-2147-PHX-JAT, 2008 U.S. Dist. LEXIS 61995 (D. Ariz. Aug. 4, 2008), rev 'd, No. 08-16971, 2010 U.S. Dist. App. LEXIS 14478 (9th Cir. June 23, 2010) 16 11 17 In re Canadian Superior Energy Inc. Sec. Litig., No. 04-CV-02020(RO) (S.D.N.Y. Oct. 19, 2005) 9 18 In re CV Therapeutics, Inc., Sec. Litig., 19 No. C-03-3709 SI (N.D. Cal. Apr. 4, 2007) 8 20 In re GMC Pick-Up Truck Fuel Tank Prods. Liab. Litig., 55 F.3d 768 (3d Cir. 1995) 5 21 In re Heritage Bond Litig. v. US. Trust Co. of Tex., NA., 22 No. 02-ML-1475-DT(RCx), 2005 U.S. Dist. LEXIS 13627 23 (C.D. Cal. June 10, 2005) 9, 15 24 In re HI/FN, Inc. Sec. Litig., No. C-99-4531-SI, slip op. (N.D. Cal. May 20, 2003) 9 25 In re Ikon Office Solutions, Inc., Sec. Litig., 26 194 F.R.D. 166 (E.D. Pa. 2000) 9, 12 27 In re JDS Uniphase Corp. Sec. Litig., 28 No. C 02-1486 CW (EDL), 2007 WL 4788556 (N.D. Cal. Nov. 27, 2007) 11 577727_2 PLAINTIFFS' CO-LEAD COUNSEL'S NOTICE OF MOTION & MOTION FOR AWARD OF -jjj _ ATTORNEYS' FEES & EXPENSES & MEMO OF P'S & A'S IN SUPPORT THEREOF - C-03-4999-SI 1 2 Page 3 In re King Res. Co. Sec. Litig., 420 F. Supp. 610 (D. Colo. 1976) 6, 12 4 In re LaBranche Sec. Litig., 5 No. 03-CV-8201(RWS) (S.D.N.Y. Jan. 22, 2009) 8 6 In re LifeScan, Inc. Consumer Litig., 7 No. C-98-20321-JF, slip op. (N.D. Cal. Mar. 18, 2002) 9 8 In re MD.C. Holdings Sec. Litig., No. CV 89-0090 E (M), 1990 U.S. Dist. LEXIS 15488 (S.D. Cal. Aug. 30, 1990) 10 9 In re Mego Fin. Corp. Sec. Litig., 10 213 F.3d 454 (9th Cir. 2000) 9 11 In re Micro Focus Sec. Litig., 12 No. C-01-1352-SBA, slip op. (N.D. Cal. Dec. 17, 2002) 9 13 In re Old CCA Sec. Litig., No. 3:99-0458, 2001 U.S. Dist. LEXIS 21942 (M.D. Tenn. Feb. 9, 2001) 9 14 In re PETCO Animal Supplies, Inc. S 'holder Litig., 15 No. GIC 869399 (San Diego Super. Ct. Mar. 26, 2010) 8 16 In re Prestige Brands Holdings, Inc. Sec. Litig., 17 No. 7:05-cv-06924-CS (S.D.N.Y. Dec. 7, 2009) 8 18 In re Prudential-Bache Energy Income P 'ships Sec. Litig., No. 888, 1994 U.S. Dist. LEXIS 6621 (E.D. La. May 18, 1994) 10 19 In re Rite Aid Corp. Sec. Litig., 20 146 F. Supp. 2d 706 (E.D. Pa. 2001) 15 21 In re Secure Computing Corp. Sec. Litig., 22 No. C-99-1927-CW, slip op. (N.D. Cal. Nov. 19, 2002) 9 23 In re Sybase Inc. Sec. Litig., No. C-98-0252-CAL, slip op. (N.D. Cal. Sept. 29, 2000) 9 24 In re TeleTech Litig., 25 No. 1:08-cv-00913-LTS (S.D.N.Y. June 11, 2010) 8 26 In re Thirteen Appeals Arising out of the San Juan Dupont Plaza Hotel Fire Litig., 56 F.3d 295, 307 (1st Cir. 1995) 5 27 28 5777272 PLAINTIFFS' CO-LEAD COUNSEL'S NOTICE OF MOTION & MOTION FOR AWARD OF - iv - ATTORNEYS' FEES & EXPENSES & MEMO OF P'S & A'S IN SUPPORT THEREOF - C-03-4999-SI 1 2 Page 3 In re UICI Sec. Litig., No. 3:04-CV-1 149-P (N.D. Tex. Jan. 23, 2008) 8 4 In re Warner Commc'ns Sec. Litig., 5 618 F. Supp. 735 (S.D.N.Y. 1985), aff'd, 798 F.2d 35 (2d Cir. 1986) 14, 15 6 In re Wash. Pub. Power Supply Sys. Sec. Litig., 7 19 F.3d 1291 (9th Cir. 1994) passim 8 Johnston v. Comerica Mortgage Corp., 83 F.3d 241 (8th Cir. 1996) 5 9 Maley v. Del Global Techs. Corp., 10 186 F. Supp. 2d 358 (S.D.N.Y. 2002) 15 11 Miller v. Woodmoor Corp., 12 No.