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In Re Redback Networks, Inc. Securities Litigation 03-CV-05642

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In Re Redback Networks, Inc. Securities Litigation 03-CV-05642 Case 5:03-cv-05642-JF Document 243 Filed 08/04/2006 Page 1 of 4 1 Stuart M. Grant (pro hac vice) John C. Kairis (pro hac vice) 2 Kimberly L. Wierzel (pro hac vice) GRANT & EISENHOFER P.A. 3 Chase Manhattan Centre 1201 North Market Street 4 Wilmington, DE 19801 Tel: (302) 622-7000 5 Fax: (302) 622-7100 [email protected] 6 Merrill Glen Emerick (State Bar No. 117248) 7 Anderlini, Finkelstein, Emerick & Smoot 400 S. El Camino Real – Suite 700 8 San Mateo, CA 94402 9 Attorneys for Lead Plaintiff The Connecticut Retirement Plan and Trust Funds 10 11 UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA 12 SAN JOSE 13 : : 14 IN RE REDBACK NETWORKS, INC. : Case Number C 03-05642 JF SECURITIES LITIGATION : 15 : : DECLARATION OF JOHN C. 16 : KAIRIS IN SUPPORT OF : PLAINTIFF’S OMNIBUS BRIEF IN 17 This Document Relates to: All Actions : OPPOSITION TO DEFENDANTS’ : MOTIONS TO DISMISS THE 18 : FOURTH AMENDED : CONSOLIDATED COMPLAINT 19 : : CLASS ACTION 20 : : Date: September 15, 2006 21 : : Time: 10:30 a.m. 22 : : Ctrm: 3 23 : : Judge: Honorable Jeremy Fogel 24 25 26 27 28 DECLARATION OF JOHN C. KAIRIS IN SUPPORT OF PLAINTIFF’S OMNIBUS BRIEF IN OPPOSITION TO DEFENDANTS’ MOTIONS TO DISMISS THE FOURTH AMENDED CONSOLIDATED COMPLAINT, CASE NO. C 03-05642 JF Case 5:03-cv-05642-JF Document 243 Filed 08/04/2006 Page 2 of 4 1 I, John C. Kairis, declare as follows: 2 I am a director at the law firm of Grant & Eisenhofer P.A., lead counsel in this action. I 3 am admitted Pro Hac Vice to practice law before this Court. I have personal knowledge of the 4 facts set forth herein and, if called as a witness, I would testify competently thereto. 5 6 1. Attached hereto as Exhibit A is a true and correct copy of Plaintiffs’ Omnibus 7 Brief in Opposition to Defendants’ Motions to Dismiss the First Amended Consolidated 8 Complaint dated July 19, 2005. 9 2. Attached hereto as Exhibit B is a true and correct copy of the Common Stock 10 Warrant of Siara Systems, Inc. dated November 1999. 11 12 3. Attached hereto as Exhibit C is a true and correct copy of the redline version of 13 the Plaintiffs’ Fourth Amended Consolidated Complaint highlighting the new allegations. 14 4. Attached hereto as Exhibit D is a true and correct copy of the Memorandum of 15 Opinion filed in State of Wisconsin Investment Board v. Ruttenberg, Nos. 99-BU-3097-S/99- 16 BU-3129-S (N.D. Cal. July 3, 2001). 17 I declare under penalty of perjury under the laws of the State of California and the laws 18 of the United States of America that the foregoing is true and correct. 19 th 20 Executed at Wilmington, Delaware on this 4 day of August 2006. 21 /s/ John C. Kairis John C. Kairis 22 GRANT & EISENHOFER P.A. Chase Manhattan Centre 23 1201 North Market Street Wilmington, DE 19801 24 Tel: (302) 622-7000 Fax: (302) 622-7100 25 Attorneys for Lead Plaintiff 26 The Connecticut Retirement Plan and Trust Funds 27 28 DECLARATION OF JOHN C. KAIRIS IN SUPPORT OF PLAINTIFF’S OMNIBUS BRIEF IN OPPOSITION TO DEFENDANTS’ MOTIONS TO DISMISS THE FOURTH AMENDED CONSOLIDATED COMPLAINT, CASE NO. C 03-05642 JF Case 5:03-cv-05642-JF Document 243 Filed 08/04/2006 Page 3 of 4 CERTIFICATE OF SERVICE 1 I hereby certify that the foregoing was served by the method noted upon the following counsel of 2 record on August 4, 2006: 3 4 Via U.S. Mail Via U.S. Mail Robert A. Jigarjian, Esquire Rowan D. Wilson , Esquire 5 Robert S. Green, Esquire Thomas G. Rafferty, Esquire GREEN & JIGARJIAN LLP LaShann M. DeArcy, Esquire th 6 235 Pine Street, 15 Floor CRAVATH, SWAINE & MOORE LLP San Francisco, CA 94104 Worldwide Plaza 7 Counsel for Plaintiffs Robert W. Baker, Jr. and 825 Eighth Avenue Richard Wimble New York, NY 10019 8 Counsel for Defendant Pricewaterhousecoopers LLP 9 Via U.S. Mail Via CM/ECF Luke O. Brooks, Esquire Frederick Sexton Fields, Esquire 10 LERACH, COUGHLIN, STOIA, GELLER, COBLENTZ PATCH DUFFY & BASS, LLP RUDMAN & ROBBINS, LLP One Ferry Building, Suite 200 11 100 Pine Street, Suite 2600 San Francisco, CA 94111-4213 San Francisco, CA 94111 [email protected] 12 [email protected] Counsel for Defendant Pricewaterhousecoopers LLP Counsel for Plaintiffs Robert W. Baker, Jr. and 13 Central States, Southeast and Southwest Areas 14 Pension Fund 15 Via U.S. Mail Via CM/ECF Mark C. Gardy, Esquire Terry T. Johnson, Esquire 16 Charles H. Dufresne, Esquire John P. Stigi III, Esquire ABBEY GARDY, LLP Laura R. Smith, Esquire 17 212 East 39th Street Cameron P. Hoffman, Esquire New York, NY 10016 Kristin Anne Dillehay, Esquire 18 Counsel for Plaintiff Robert W. Baker, Jr. WILSON SONSINI GOODRICH & ROSATI 650 Page Mill Road 19 Palo Alto, CA 94304-1050 [email protected] 20 Counsel for Defendants Thomas L. Cronan III, Kevin A. Denuccio, Pierre R. Lamond, Vinod Khosla, Vivek 21 Ragavan, Dennis P. Wolf, Dennis Barsema, Guarav Garg, Craig Genter, Promod Haque, William Kurtz 22 23 24 25 26 27 28 CERTIFICATE OF SERVICE TO DECLARATION OF JOHN C. KAIRIS IN SUPPORT OF PLAINITFFS’ OMNIBUS BRIEF IN OPPOSITION TO DEFENDANTS’ MOTION TO DISMISS PLAINTIFFS’ FOURTH AMENDED CONSOLIDATED COMPLAINT CASE NO. C03-05642 JF Case 5:03-cv-05642-JF Document 243 Filed 08/04/2006 Page 4 of 4 Via CM/ECF Via CM/ECF 1 Darren J. Robbins, Esquire Francis M. Gregorek, Esquire LERACH, COUGHLIN, STOIA, GELLER, Betsy C. Manifold, Esquire 2 RUDMAN & ROBBINS LLP Rachele R. Rickert, Esquire 401 B Street, Suite 1700 WOLF, HALDENSTEIN, ADLER, 3 San Diego, CA 92101 FREEMAN & HERZ LLP 4 [email protected] Symphony Tower – Suite 2770 Counsel for Plaintiff Central States, Southeast 750 B Street 5 and Southwest Areas Pension Fund San Diego, CA 92101 [email protected] 6 [email protected] Counsel for Plaintiff Bartnik Group 7 8 9 10 /s/ Stuart M. Grant Stuart M. Grant 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 CERTIFICATE OF SERVICE TO DECLARATION OF JOHN C. KAIRIS IN SUPPORT OF PLAINITFFS’ OMNIBUS BRIEF IN OPPOSITION TO DEFENDANTS’ MOTION TO DISMISS PLAINTIFFS’ FOURTH AMENDED CONSOLIDATED COMPLAINT CASE NO. C03-05642 JF Case 5:03-cv-05642-JF Document 243 Filed 08/04/2006 Page 1 of 40 EXHIBIT A (PART 1) TO JOHN C. KAIRIS DECLARATION IN SUPPORT OF PLAINTIFFS’ OMNIBUS BRIEF IN OPPOSITION TO DEFENDANTS’ MOTIONS TO DISMISS THE FOURTH AMENDED CONSOLIDATED COMPLAINT Case 5:03-cv-05642-JF Document 243 Filed 08/04/2006 Page 2 of 40 Stuart M. Grant (pro hac vice) fohn C. Kairis (pro hac vice) Lauren E. Wagner (pro hac vice) Kimberly L. Wierzel (pro hac vice) Grant & Eisenhofer P.A. Chase Manhattan Centre 1201 North Market Street Wilmington, DE 19801 Tel: 302.622.7000 Fax: 302.622.7100 [email protected] Merrill Glen Emerick (State Bar No. 117248) Anderlini, Finkelstein, Emerick & Smoot $00 S. El Camino Real - Suite 700 San Mateo, CA 94402 Attorneys for Lead Plaintiff The Connecticut Retirement Plans and Trust Funds IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF CALIFORNIA SAN JOSE DIVISION Case Number C 03-05642 JF IN RE REDBACK NETWORKS, INC. SECURITIES LITIGATION PLAINTIFF'S OMNIBUS BRIEF IN OPPOSITION TO DEFENDANTS' MOTIONS TO DISMISS THE FIRST AMENDED CONSOLIDATED COMPLAINT CLASS ACTION This Document Relates to: All Actions Date: August 10, 2005 Time: 9:00 a.m. Ctrm: 3 Judge: Honorable Jeremy Fogel - PLAINTIFFS' OMMBUS BmINOPPOSllION TO DEFENDANTS' MOTIONS TO DISMISS THE FIRST AMENDED CONSOLIDATED COMPLNNT Caw No C03-05642 JE Case 5:03-cv-05642-JF Document 243 Filed 08/04/2006 Page 3 of 40 TABLE OF CONTENTS STATEMENT OF ISSUES TO BE DECIDED .............................................................................. 1 [NTRODUCTION ........................................................................................................................... 2 STATEMENT OF FACTS .............................................................................................................. 5 I. STANDARDS ON A MOTION TO DISMISS .................................................................... 13 [I. PLAINTIFFS ADEQUATELY ALLEGE LOSS CAUSATION ........................................ 14 A. Defendants May Not Defeat Plaintiffs' Claims Through Insertion Of Purported Facts Not Properly Before The Court, Or Resolution Of Any Factual Issues. .................................. 14 B. Plaintiffs. Adequately Allege Loss Causation Based On Material Misstatements And Omissions ........................................................................................................................... 16 C. Plaintiffs Adequately Allege Economic Losses Proximately Caused By A Deceptive Scheme............................................................................................................................... 23 111. PLAINTIFFS ADEQUATELY ALLEGE CLAIMS UNDER SECTION AND RULE lob-5 .......................................................................................................................... 25 Plaintiffs Allege New Facts Which, In Addition To Other Facts, Show That Defendants' Statements Were Materially False And Misleading. ......................................................... 25 1. The Representations Regarding Key Sales Agreements With Qwest, UUNET, Broadband, Williams And Other Customers Were False And Misleading .................................................................................................................... 25 2. The Representations About Redback's Products Were False And Misleading .................................................................................................................... 34 3. Plaintiffs Have Addressed the Court's Concerns Over the Use of Anonymous Sources ...................................................................................................
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