The Mcdaniel Family Trust, Et Al. V. Wells Fargo & Company, Et Al. 05
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1 MILBERG WEISS BERSHAD & SCHULMAN LLP 2 Steven G. Schulman (admitted pro hac vice) Jerome M. Congress (admitted pro hac vice) 3 Janine L. Pollack (admitted pro hac vice) Kim E. Miller (State Bar No. 178370) 4 Michael R. Reese (State Bar No. 206773) One Pennsylvania Plaza 5 New York, New York 10119-0165 Telephone: (212) 594-5300 6 Facsimile: (212) 868-1229 7 Proposed Plaintiffs’ Lead Counsel 8 9 UNITED STATES DISTRICT COURT 10 NORTHERN DISTRICT OF CALIFORNIA 11 SAN FRANCISCO DIVISION 12 THE MCDANIEL FAMILY TRUST, Individually ) Case No.: 3:05-CV-4518 (WHA) And On Behalf Of ALL OTHERS SIMILARLY ) 13 SITUATED, ) DECLARATION OF MICHAEL R. Plaintiff, ) REESE IN SUPPORT OF THE 14 ) CORRECTED REVISED MOTION TO vs. ) APPOINT RONALD SIEMERS AS LEAD 15 ) PLAINTIFF AND APPROVAL OF LEAD WELLS FARGO & COMPANY, WELLS ) PLAINTIFF’S SELECTION OF LEAD 16 FARGO FUNDS MANAGEMENT, LLC, ) COUNSEL WELLS CAPITAL MANAGEMENT ) 17 INCORPORATED, H.D.VEST INVESTMENT ) Date: February 23, 2006 SERVICES, STEPHENS INC., SEI ) Time: 2:00 p.m. 18 INVESTMENTS DISTRIBUTION COMPANY, ) Court Room: 9, 19th Floor WELLS FARGO FUNDS TRUST, and WELLS ) Judge: Honorable William H. Alsup 19 FARGO INVESTMENTS, LLC, ) ) 20 Defendants. ) 21 22 23 24 25 26 27 DECLARATION OF MICHAEL R. REESE IN SUPPORT OF THE CORRECTED REVISED MOTION TO APPOINT RONALD SIEMERS AS LEAD PLAINTIFF AND APPROVAL OF LEAD PLAINTIFF’S SELECTION OF LEAD COUNSEL – Case No.: 3:05-CV-4518 (WHA) 1 I, Michael R. Reese, hereby declare as follows: 2 1. I am a member of the law firm of Milberg Weiss Bershad & Schulman LLP 3 (“Milberg Weiss”). I submit this declaration in support of the Corrected Revised Motion To 4 Appoint Ronald Siemers As Lead Plaintiff And Approval Of Lead Plaintiff’s Selection Of Lead 5 Counsel. 6 2. Attached hereto as Exhibit A is a true and accurate copy of the Declaration of Marc 7 Vellrath, Ph.D, CFA, dated February 21, 2006. 8 3. Attached hereto as Exhibit B is a true and accurate copy of the PSLRA notice 9 published by the plaintiff in the above-captioned action on PR Newswire on November 11, 2005. 10 4. Attached hereto as Exhibit C is a true and accurate copy of Ronald Siemers’s 11 PSLRA certification, including a revised Schedule A. 12 5. Attached hereto as Exhibit D is a true and accurate copy of the firm resume of 13 Milberg Weiss. 14 6. Attached hereto as Exhibit E is a list of the mutual fund cases being litigated by 15 Milberg Weiss. 16 I declare under penalty of perjury under the laws of the United States of America that the 17 foregoing is true and correct. Executed February 21, 2006 in New York, New York. 18 19 /s/ Michael R. Reese 20 MICHAEL R. REESE 21 22 23 24 25 26 27 DECLARATION OF MICHAEL R. REESE IN SUPPORT OF THE CORRECTED REVISED MOTION TO APPOINT RONALD SIEMERS AS LEAD PLAINTIFF AND APPROVAL OF LEAD PLAINTIFF’S SELECTION OF LEAD COUNSEL – Case No.: 3:05-CV-4518 (WHA) -1- 1 DECLARATION OF SERVICE BY MAIL 2 I, the undersigned, declare: 3 1. That declarant is and was, at all times herein mentioned, a citizen of the United 4 States and a resident of New York, New York, over the age of 18 years, and not a party to or 5 interest in the within action; that declarant’s business address is One Pennsylvania Plaza, New 6 York, New York 10119. 7 2. That on February 21, 2006, declarant served the DECLARATION OF MICHAEL R. 8 REESE IN SUPPORT OF THE CORRECTED REVISED MOTION TO APPOINT RONALD 9 SIEMERS AS LEAD PLAINTIFF AND APPROVAL OF LEAD PLAINTIFF’S SELECTION OF 10 LEAD COUNSEL – Case No.: 3:05-CV-4518 (WHA) by either electronic notice or depositing a 11 true copy thereof in a United States mailbox at New York, New York in a sealed envelope with 12 postage thereon fully prepaid and addressed to the parties listed on the attached Service List. 13 3. That there is a regular communication by mail between the place of mailing and the 14 places so addressed. 15 4. That on February 21, 2006, declarant served via email to: [email protected]. 16 I declare under penalty of perjury that the foregoing is true and correct. Executed this 21st 17 day of February, 2006, at New York, New York. 18 19 /s/ Michael R. Reese 20 MICHAEL R. REESE 21 22 23 24 25 26 27 DECLARATION OF MICHAEL R. REESE IN SUPPORT OF THE CORRECTED REVISED MOTION TO APPOINT RONALD SIEMERS AS LEAD PLAINTIFF AND APPROVAL OF LEAD PLAINTIFF’S SELECTION OF LEAD COUNSEL – Case No.: 3:05-CV-4518 (WHA) -2 1 Wells Fargo & Co. 2 Service List 3 Bruce A. Ericson Thomas O. Jacob 4 Jacob R. Sorensen Vanessa M. Hoffmann Kristin M. Lefevre OFFICE OF GENERAL COUNSEL, WELLS 5 PILLSBURY WINTHROP SHAW PITTMAN LLP FARGO & CO. th 6 50 Freemont Street 633 Folsom Street, 7 Floor P.O. Box 7880 San Francisco, CA 94107 7 San Francisco, CA 94105-7880 Tel.: (415) 622-6656 Tel.: (415) 983-1000 Fax: (415) 975-7864 8 Fax: (415) 983-1200 Counsel for Defendants Wells Fargo & Co., 9 -and- Wells Fargo Funds Management, LLC, Wells 10 Capital Management, Inc., Wells Fargo Funds Clifford C. Hyatt Trust, and Wells Fargo Investments, LLC 11 David L. Stanton PILLSBURY WINTHROP SHAW PITTMAN LLP 12 725 South Figueroa Street, Suite 2800 13 Los Angeles, CA 90017-5406 Tel.: (213) 488-7100 14 Fax: (213) 629-1033 15 Counsel for Defendants Wells Fargo & Co., Wells Fargo Funds Management, LLC, Wells 16 Capital Management, Inc., H.D. Vest 17 Investment Services, Wells Fargo Funds Trust, and Stephens Inc. 18 19 Michael Lawson Patrice Bishop John DeGooyer STULL STULL & BRODY 20 MORGAN LEWIS & BOCKIUS LLP 10940 Wilshire Blvd., Suite 2350 21 One Market Street, Spear Street Tower Los Angeles, CA 90024 San Francisco, CA 94105 Tel.: (310) 209-2468 22 Tel.: (415) 442-1000 Fax: (310) 209-2087 Fax: (415) 442-1001 23 Counsel for Plaintiffs Counsel for SEI Investment Distribution 24 Company 25 26 27 DECLARATION OF MICHAEL R. REESE IN SUPPORT OF THE CORRECTED REVISED MOTION TO APPOINT RONALD SIEMERS AS LEAD PLAINTIFF AND APPROVAL OF LEAD PLAINTIFF’S SELECTION OF LEAD COUNSEL – Case No.: 3:05-CV-4518 (WHA) -3 1 Adam Gutride Jules Brody Seth A. Safier Mark Levine 2 GUTRIDE SAFIER LLP STULL, STULL & BRODY 3 835 Douglass Street 6 East 45th Street San Francisco, CA 94119 New York, New York 10017 4 Tel.: (415) 336-6545 Telephone: (212) 687-7230 Fax: (415) 876-4345 Facsimile: (212) 490-2022 5 Counsel for Plaintiff Counsel for Plaintiffs 6 7 Charles J. Piven LAW OFFICES OF CHARLES J. PIVEN, 8 P.A. The World Trade Center – Baltimore 9 Suite 2525 401 East Pratt Street 10 Baltimore, Maryland 21202 11 Telephone: (410) 332-0030 Facsimile: (410) 685-1300 12 Counsel for Plaintiffs 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 DECLARATION OF MICHAEL R. REESE IN SUPPORT OF THE CORRECTED REVISED MOTION TO APPOINT RONALD SIEMERS AS LEAD PLAINTIFF AND APPROVAL OF LEAD PLAINTIFF’S SELECTION OF LEAD COUNSEL – Case No.: 3:05-CV-4518 (WHA) -4 EXHIBIT A DECLARATION OF MARC VELLRATH, PH .D., CFA Marc Vellrath, under penalties of perjury, hereby declares : 1 . I am an economist and a Director of ERS Group, an economic and financial consulting firm with offices throughout the United States . ERS Group provides research and consulting services primarily in the areas of antitrust, banking and finance, commercial damages, forensic accounting, intellectual property and regulation . 2. I hold M .S . and Ph.D. degrees in economics from Carnegie Mellon University and an MBA degree from the University of Washington . I also have earned the Chartered Financial Analyst designation, or CFA, awarded by the CFA Institute (formerly the Association for Investment Management and Research) . Before joining ERS Group in 2004 (as a result of a merger), I was a Principal and founder of Key Point Consulting, LLP . Prior to forming KeyPoint, I was a Vice President and Principal of Analysis Group, Inc ., an economics consulting firm, for six years, and a senior economist with Ernst & Young, an international accounting and consulting firm, for five years. For a total of eight years, I served on the faculties of the graduate schools of business at New York University and the University of Washington . At both NYU and UW, I taught a variety of undergraduate and graduate courses, including microeconomics, money and banking, corporate finance and investments . I also have taught in the loan officer training programs of two large commercial banks, Morgan Guaranty Trust Company and Chemical Bank of New York, and have been a contract researcher for Frank Russell Company, a pension fund advisory firm . A copy of my resume is attached as Exhibit 1 to this declaration . 3 . I have conducted numerous investigations and consulting engagements involving a variety of economic and financial issues in many different industries. As a consultant to law firms, I have investigated economic and financial issues arising in disputes involving antitrust , patent infringement, fraud and fraudulent conveyances, breaches of fiduciary duty, contract breaches, and other matters. I have been retained by counsel for, and have testified at trial o n behalf of, both plaintiffs and defendants. As a consultant to businesses and governmenta l agencies, I have prepared strategic plans, marketing plans, feasibility studies, valuations, and various other studies to improve management decision -making, increase productivity and efficiency, control costs and, in the case of corporations , raise profits.