Joint Declaration of Stickney and Kessler in Support of Motion for ...

Case 1:09-md-02017-LAK Document 807 Filed 03/08/12 Page 18 of 63
Family P’ship LLC v. Richard S. Fuld, Jr. et al., No. 08-10206 (S.D.N.Y.) (filed on
November 24, 2008). In addition, counsel for plaintiffs in such actions issued press releases
announcing the opportunity to move for appointment as lead plaintiffs in the Fogel action and
additional cases.
16. Lead Counsel continued their vigorous investigation, including locating and
interviewing witnesses, analyzing the torrent of publicly available information in the aftermath
of Lehman’s bankruptcy, consulting with experts and working with specially-retained
bankruptcy counsel.
17. On October 27, 2008, Lead Counsel filed the Amended Class Action Complaint,
which alleged additional claims against the Underwriter Defendants for offerings of Lehman
securities they partially underwrote, including claims related to the Series J Preferred Stock and
additional offerings. The Amended Class Action Complaint reflected Lead Counsel’s intensive
fact investigation up to that point, incorporating factual allegations based upon witness accounts.
B. Consolidation, Coordination, And Establishment
Of The Plaintiffs’ Executive Committee
18. On October 29, 2008, and thereafter, Lead Plaintiffs moved to consolidate Fogel
and the additional securities class actions. ECF Nos. 57-58, 66-67. Lead Plaintiffs also opposed
the separate motions for appointment of different lead plaintiffs. ECF Nos. 36-37 (08-CV-8225);
ECF Nos. 11-12 (08-CV-10206).
19. Counsel for the parties appeared before the Court on January 8, 2009 for a
scheduling conference and hearing on pending motions. During the conference, the Court heard
argument from Lead Counsel and counsel representing various other plaintiffs regarding case
management and organization of the related matters going forward, including consolidation and
coordination. The Court consolidated all actions involving Lehman equity and debt securities
7