Roth v. CK Amarillo LP

GHONG FLAHERTY @& DROITMAN PC. | foe eee □□□□□□ OUNSELORS aT Law | □□ NEW YORK, NY 10022-7035 TEL: (212) 681-0600 FAX: (212) 681-0300 September 16, 2024 GLENN F. OSTRAGER | gostrager @ocfblaw.com VIA ECF The Honorable Laura T. Swain Daniel Patrick Moynihan United States Courthouse MEMQO ENDORSEL Courtroom |7C 500 Pear! Street ——— New York, NY 10007-1312 Re: Roth v. CK Amarillo LP et al, No. 1:24-cv-00706-JHR (S.D.N.Y.) Dear Chief Judge Swain: We are counsel for Andrew E. Roth (“Plaintiff”) in the captioned action and write in response to Defendants’ Notice of Supplemental Authority filed September 12, 2024 (Dkt. No. 028) to request a stay of this action.

Defendants cite an Opinion and Order of Judge John P. Cronan in Roth v. LAL Family Corporation et al, No. 23-9265-JPC (S.D.N.Y. Sept. 10, 2024) (“ZAL Action”), dismissing the Complaint in that action. The ZAL Action presents the question of “whether an issuer’s share repurchase can be considered a ‘purchase’ by its controlling shareholder for purposes of Section 16(b).” Ship. Op. at pp. 11-12. Judge Cronan’s Opinion, with which we respectfully disagree, 1s relevant to this Court’s determination of Defendants’ pending motion to dismiss.

Plaintiff has filed a Notice of Appeal to United States Court of Appeals for the Second Circuit (Case No: unassigned) in the LAL Action. We request that this case be stayed pending the Second Circuit’s resolution of the appeal in the LAL Action. District Court's “have broad authority to stay one action pending the outcome of another” where, as here, there 1s no prejudice to the parties. See Royal Park Invs. SA/NV vy. Deutsche Bank Nat'l Tr. Co., 2018 WL 3849840, at *2 (S.D.N.Y. Aug. 10, 2018).

Court is in receipt of the foregoing request to this case pending the outcome of the appeal Respectfully, in No. 23-CV-9265-JPC (S.D.N.Y. Sept. 10, as well as the ae opposition ea & BROITMAN P.C. entry no. 30). For substantially the reasons in the opposition, the requested stay is Tenmokedckaen, Manne» (bTaager 39 Y “ — Glenn F. Ostrager September 18, 2024 Laura Taylor Swain, Chief U.S.D.J.