INTRODUCTION TO THE CHIPOTLE CLASs ACTION LAWSUIT Contact us today for a free case evaluation in the Chipotle class action lawsuit
The Chipotle class action lawsuit seeks to represent purchasers or acquirers of Chipotle Mexican Grill, Inc. (NYSE: CMG) publicly traded common stock and those who purchased Chipotle call options or sold put options between February 8, 2024, and October 29, 2024, inclusive (the “Class Period”). Captioned Stradford v. Chipotle Mexican Grill, Inc., No. 24-cv-02459 (C.D. Cal.), the Chipotle class action lawsuit charges Chipotle and certain of Chipotle’s top current and former executives with violations of the Securities Exchange Act of 1934.
If you have suffered losses in Chipotle stock and are interested in becoming the lead plaintiff in the Chipotle class action lawsuit or have any inquiries regarding your rights as a shareholder, please reach out to Chipotle Stock Loss Lawyer Timothy L. Miles at no cost. You can contact him by calling 855/846-6529, sending an e-mail to [email protected], or filling out a contact form below. Lead plaintiff motions for the Chipotle class action lawsuit must be filed with the court no later than January 10, 2024. LEAD PLAINTIFF APPOINTMENT IN THE Chipotle CLASS ACTION LAWSUIT: APPROXIMATELY FOUR MONTHS AFTER INITIAL COMPLAINT FILED
When a securities class action is filed such as the Chipotle class action lawsuit, the person who files the first complaint is required to publish a notice announcing the filing. Anyone who wants to be lead plaintiff on behalf of the class in the Chipotle class action lawsuit must thereafter file a motion to be appointed as lead plaintiff(s) no later than 60 days after the notice was published.
At the end of the sixty days, the court can rule on the lead plaintiff’s motion just on the pleading filed with the court, or the judge may set a hearing on the motion for 30–45 days after the sixty-day expiration. If a hearing is held, the judge will issue an order afterwards appointing a lead plaintiff which could be a couple weeks to a couple months. Regardless, the PSLRA states that not later than 90 days after the initial filing and notice the court must consider the lead plaintiff’s motions and must consolidate all the related cases filed before issuing an order on the lead plaintiff. Thus, from the initial filing until a lead plaintiff is appointed, about four months have passed. FILING OF A CONSOLIDATED COMPLAINT: APPROXIMATELY SIX MONTHS AFTER INTIAL FILING
After the appointment of lead plaintiff, the court will enter a scheduling order which will include a time, usually about 60 days, for the lead plaintiff to file a consolidated complaint consolidating the allegations all complaints along with any new additional allegations.
THE DEFENDANTS MOTION TO DISMISS: DECIDED NEARLY A YEAR AFTER THE INITIAL COMPLAINT WAS FILED
In the same scheduling order, the court will also set a time for the defendants to file a motion to dismiss and schedule a briefing and possibly a hearing on the motion once the briefing is completed. The defendants may have 45 to 60 days to file the motion to dismiss and then the briefing schedule is typically around 60 days, and the court will then enter an order either granting or denying the motion to dismiss. Thus, by the time defendants’ motion to dismiss is decided nearly a year has passed since the filing of the original complaint and could be possibly longer given the court’s schedule.
COMPLETION OF DISCOVERY: TWO-AND-HALF-YEARS AFTER INITIAL FILING
If the defendant’s motion to dismiss is denied, the parties will move into the discovery phase including the exchange of documents, request for admissions, interrogatories, depositions, and third-party subpoenas, among others. The discovery phase usually takes about a year, though it can be less or more depending on the size of the case and its complexity. Thus, by the time discovery is completed approximately two-and-a-half years have passed since the initial filing, which is approximately how long it takes a securities class action to resolve.
SETTLEMENT NEGOTIATION AND MEDIATION
By now two-and-a-half to three years have passed since the initial filing of the lawsuit. However, it is at this point that nearly all securities class actions result in a settlement, but that process takes time also. Once the parties have reached an agreement, it will have to be preliminarily approved by the court with notice to shareholders with the right to object, obtain final approval of the settlement, and then the claims process begins. Usually, a third-party administrator is hired to administer the common fund. If the parties have complied with all the steps for approval, the judge will approve the distribution of the settlement fund by the claim’s administrator. You will receive a court-appointed notice and have to send in a claim form confirming your purchases and sales. This process alone can take up to a year and therefore it may be four years until the case is finally resolved.
CONTACT TIMOTHY L MILES TODAY ABOUT A Chipotle CLASS ACTION LAWSUIT
If you suffered losses in Chipotle stock, contact Chipotle stock loss lawyer Timothy L. Miles today for a free case evaluation about a Chipotle class action lawsuit. Call today and see what a Chipotle stock loss lawyer could do for you if you suffered losses in Chipotle stock. This will most likely be the only call you need to make. (855) 846–6529 or [email protected].
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center 300 Centerview Dr., #247 Brentwood, TN 37027 Phone: (855) 846–6529 Email: [email protected] Chipotle stock loss lawyer Timothy L. Miles Timothy L. Miles is a top-rated and AV preeminent lawyer in Nashville, Tennessee and a nationally known class action and products liability lawyer who has been leading the fight to protect consumer rights for over 22 years. Mr. Miles received a Bachelor of Science in Psychology from Belmont University in Nashville, Tennessee in 1995 and his J.D. from the Nashville School of Law in May 2001, graduating third in his class, and was made a member of the Honorable Society of Cooper’s Inn which is reserved for students graduating in the top ten percent of their class. Comments are closed.
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