City of Pontiac General Employees' Retirement System v. Stryker Corp.
U.S. DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
Read the Full-Text Opinion
SURGICAL implant and medical supplies maker Stryker Corp. is a Michigan corporation with its global headquarters in Kalamazoo. Its codefendants MacMillan and Bergy both reside near Kalamazoo. Plaintiff City of Pontiac General Employees' Retirement System is a resident of Pontiac, Mich., 143 miles from Kalamazoo. Plaintiff's Jan. 15, 2010, putative class action on behalf of purchasers of Stryker's common stock between Jan. 25, 2007, and Nov. 13, 2008, alleged securities fraud violating the Securities Exchange Act of 1934. The district court granted defendants' motion to transfer—under 28 USC §1404(a)—plaintiff's securities class action to the U.S. District Court for the Western District of Michigan at Kalamazoo. Also, Kalamazoo, not New York, was the locus of operative events. Citing Laborers Local 100 & 397 Pension Fund v. Bausch & Lomb Inc., the district court rejected plaintiff's assertion that venue was proper in New York because Stryker common stock trades over the New York Stock Exchange. Moreover, the convenience of the parties and the interests of justice and trial efficiency favored Kalamazoo over New York.
Welcome to ALM. You have read 0 out of 0 free articles this month