I Think That’s… A Wrap.

Textura-IPO-Scienter-Fraud-03-02-2016Make no mistake: Oracle is a very good company.

Other than perhaps a subsequent, intermittent clean up post, or two — on the outcome of the federal securities fraud litigation, and the settlement of the pregnancy litigation

I will likely stop following Textura, now. I wish all the good employees of Textura’s rank-and-file, all the best, in the coming months and years.

UPDATED: with a heartfelt thanks for the link — and digital ink — from Business Insider, under the able keyboard of Julie Bort. Nice sendoff. Very much appreciated.

See ya’ all —¬†in the funny papers.

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Overdue — To Mention This…

Though in truth, it merits only passing mention. [So I won’t link to the 24 pager.]

Last Friday, on St. Patrick’s (while I was in L.A., tending to client business) — Sidley filed its memorandum of law — opposing certification of the various federal securities fraud claims — as a class action.

That memo treads all the expected — largely prosaic — legal cobblestones in making a 24 page argument, but (in my experienced opinion) it misses the mark. Not for a lack of effort, but because the law here cuts against such an outcome.

In fact, there is only a small chance that the able District Court Judge Robert W. Gettleman, sitting in Chicago, will find the action is inappropriate for federal securities class action status.

It is a classic securities class action fact pattern — and after-all, the facts — even more than the law, dictate class certification in theses settings.

Now you know. Onward. I still expect a substantial agreed settlement, with Mr. Allin personally paying for at least some, if not the bulk of the damages.

Maybe not until late 2017, but that is what I expect, once the court rules in favor of class certification.

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As Settlement Talks Likely Drag On, The Hearings Are Pushed Back…

textura-sidley-mayer-2016Messrs Allin, et al. sought — and were granted — an intervening extension of time, for a reply briefing, and so, now as of February 22, 2017, the hearing has been scooted backward, as well:

…MINUTE entry before the Honorable Robert W. Gettleman: Status hearing date of 5/23/2017 is reset to 6/13/2017 at 9:00 a.m….

Now you know. [A friendly wave to all my visitors from Sidley & Austin, new counsel of record in this matter.]

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Motion to Certify Class — And Memo of Law, Filed Today…

Text-Allin-2010-2016-Oracle-SeverAs expected, the plaintiffs’ lead counsel has formally moved to certify a rather large plaintiffs’ class of putative federal securities fraud victims, related to the Summer 2012 IPO — and aftermarket trading — in legacy Textura. That federal case has been pending here in Chicago for a bit now.

The central core of the fraud allegations is one that sounds against the former CEO (and quite personally, too): that he affirmatively attempted to mislead, by omission, in his narrative text of his bio in the IPO prospectus.

That would be Patrick J. Allin. And, here’s the 32 page PDF memo of law, on it all — just filed this afternoon.

Now you know. we will keep you posted.

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Pre-Trial Scheduling — Should This Not Settle — Was Set Today, In Chicago…

Textura-IPO-Scienter-Fraud-03-02-2016Here is the order, from today’s status hearing, before the Magistrate Judge, in Chicago, in full:

…MINUTE entry before the Honorable Mary M. Rowland: The parties’ agreed oral motion to set pre-trial schedule is granted as follows.

Fact discovery to close 4/20/17.

Plaintiff to disclose any experts and serve expert reports by 5/12/17.

Defendant to disclose any experts and serve expert reports by 7/12/17.

Plaintiff to serve any rebuttal expert reports by 8/27/17.

Expert discovery to close 9/18/17….

Now you know.

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Magistrate Judge Orders New Status Hearing Date: In One Week’s Time…

textura-sidley-mayer-2016Things are likely to proceed at an accelerated pace, on this federal securities fraud putative class action now. A new order was entered, just his morning, in Chicago.

Here’s what’s up — come the 15th of December:

…MINUTE entry before the Honorable Mary M. Rowland:

Initial status hearing set for 12/15/16 at 9:00 a.m. Parties should be prepared to set discovery schedule….


Now you know. Namaste.

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Textura Federal Class Action Securities Fraud Claims: Mandatory Magistrate Referral Just Ordered.

Textura-IPO-Scienter-Fraud-03-02-2016Well… based on today’s order in Chicago’s federal District Courthouse (without regard to the substitution of defense counsel of last week), I would conjecture that a settlement ultimately remains highly likely:

Pursuant to Local Rule 72.1, this case is hereby referred to the calendar of Honorable Mary M. Rowland for the purpose of holding proceedings related to: discovery supervision and settlement….

Now you know. Onward.

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Mr. Allin (Et Aliae) Switches Defense Lawyers — From Mayer Brown — To Sidley Austin…

textura-sidley-mayer-2016I cannot reliably yet say whether this substitution of counsel makes an agreed settlement less — or more — likely.

But it does strike me as odd, if the named defendants (directors and officers of legacy Textura, prior to the Oracle buy-out deal) were close to finishing a settlement, why “switch horses” now?

So this might be seen as a sign of increased interest in trying the case — or it may be as simple as Oracle is used to working with the San Fran office of Sidley. After all, to the extent that Textura’s legacy D&O insurance is tapped out, it will be Oracle that foots the bill — beyond whatever Mr. Allin is told to pay, personally — out of pocket (if anything).

I do note, with some keen interest, that one of the lead new attorneys is a partner from Sidley San Fran. I bet she often works with Oracle on litigation, as well.

Now we wait to see, but it is fascinating. . . just the same.

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