Fitzgibbons v. Chaudhuri CA4/2

CourtCalifornia Court of Appeal
DecidedNovember 3, 2023
DocketE077070
StatusUnpublished

This text of Fitzgibbons v. Chaudhuri CA4/2 (Fitzgibbons v. Chaudhuri CA4/2) is published on Counsel Stack Legal Research, covering California Court of Appeal primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Fitzgibbons v. Chaudhuri CA4/2, (Cal. Ct. App. 2023).

Opinion

Filed 11/3/23 Fitzgibbons v. Chaudhuri CA4/2 NOT TO BE PUBLISHED IN OFFICIAL REPORTS California Rules of Court, rule 8.1115(a), prohibits courts and parties from citing or relying on opinions not certified for publication or ordered published, except as specified by rule 8.1115(b). This opinion has not been certified for publication or ordered published for purposes of rule 8.1115.

IN THE COURT OF APPEAL OF THE STATE OF CALIFORNIA

FOURTH APPELLATE DISTRICT

DIVISION TWO

MICHAEL W. FITZGIBBONS,

Plaintiff and Appellant, E077070

v. (Super.Ct.No. RIC2002386)

KALI P. CHAUDHURI et al., OPINION

Defendants and Appellants.

APPEAL from the Superior Court of Riverside County. Sunshine S. Sykes, Judge.

Affirmed in part; reversed in part.

Catanzarite Law Corporation, Kenneth J. Catanzarite and Brandon E. Woodward

for Plaintiff and Appellant Michael W. Fitzgibbons.

Holland & Knight, David A. Robinson, Benjamin P. Pugh, Elissa M. McClure,

Nicholas A. Dellefave; Shulman Bastian Friedman & Bui, and Shane M. Biornstad for

Defendants and Appellants Kali P. Chaudhuri et al.

1 Michael W. Fitzgibbons is a former shareholder of KPC Healthcare, Inc. (the

Corporation).1 Fitzgibbons brought this action against the Corporation, Kali P.

Chaudhuri, and related defendants for their alleged wrongdoing in connection with a

reverse stock split. According to the complaint, Chaudhuri was a controlling shareholder

of the Corporation, chairman of its board of directors, and an officer of the Corporation.

(We refer to the Corporation and Chaudhuri collectively as the KPC defendants.)

The KPC defendants filed a special motion to strike the entire complaint under

Code of Civil Procedure section 425.16, the anti-SLAPP statute.2 (Unlabeled statutory

citations refer to the Code of Civil Procedure.) They argued that Fitzgibbons’s complaint

arose from protected activity, namely, the settlement of litigation involving the

Corporation. The trial court granted the motion in part and denied it in part. The court

declined to strike the entire complaint but struck specific paragraphs and lines of the

complaint. It also granted Fitzgibbons leave to amend the complaint. The KPC

defendants moved for attorney fees incurred in litigating the anti-SLAPP motion. The

court granted that motion and awarded them approximately $26,000 in fees.

On appeal, Fitzgibbons argues that the court erred by granting the anti-SLAPP

motion and the attorney fees motion. The KPC defendants move to dismiss this appeal,

and they also cross-appeal from the court’s order granting the anti-SLAPP motion,

arguing that the court erred by granting Fitzgibbons leave to amend. We deny the motion

1 The Corporation was formerly known as Integrated Healthcare Holdings, Inc.

2 “SLAPP is an acronym for ‘strategic lawsuit against public participation.’” (Jarrow Formulas, Inc. v. LaMarche (2003) 31 Cal.4th 728, 732, fn. 1.)

2 to dismiss the appeal, and we reject Fitzgibbons’s challenges to the anti-SLAPP order and

the attorney fees order. But we agree with the KPC defendants that the court erred by

granting Fitzgibbons leave to amend. We therefore reverse the part of the anti-SLAPP

order granting leave to amend, but we otherwise affirm.

BACKGROUND

I. Allegations of the Complaint

In June 2020, Fitzgibbons filed his complaint as a putative class action on behalf

of himself and similarly situated former shareholders of the Corporation. the complaint

asserted causes of action against the Corporation, Chaudhuri, Anil Shah, and Pacific

Coast Holdings Investment, LLC (Pacific Coast). Shah and Pacific Coast are not parties

to this appeal.

The complaint alleged as follows: Shah and Chaudhuri were controlling

shareholders of the Corporation. In 2005, Chaudhuri, Shah, and their affiliates acquired

four hospitals through the Corporation and Pacific Coast. The assets of the hospitals

were divided—the Corporation owned the operating company assets, and Pacific Coast

owned the real estate assets. Around the time of the acquisition, Shah and a group of

physicians formed Orange County Physicians Investment Network, LLC (OC

Physicians). Shah controlled OC Physicians. OC Physicians bought millions of dollars

worth of shares in the Corporation and 51 percent of Pacific Coast.

By mid-2013, Chaudhuri owned 50.3 percent of the outstanding shares of the

Corporation, and Shah owned 36.7 percent of the outstanding shares. Each of them also

indirectly owned large portions of Pacific Coast. As a result of their voting power,

3 Chaudhuri and Shah controlled the elections for the Corporation’s board and controlled

the board’s decision making. They also controlled the management of Pacific Coast.

In May 2013, the Corporation (through Chaudhuri) offered to purchase OC

Physicians’ shares in the Corporation. Chaudhuri offered 20.3256 cents per share, “plus

additional consideration of $3,452,607.30.” Between late May and December 2013,

Chaudhuri and Shah continued to negotiate the purchase of OC Physicians’ shares. The

negotiations concluded with a “document signing” on December 31, 2013. Both OC

Physicians and Shah agreed to sell their shares back to the Corporation.

Those negotiations between Chaudhuri and Shah “included a secret agreement” to

falsely characterize the Corporation and Pacific Coast “as on the verge of a Chapter 11

bankruptcy.” Under the terms of that secret agreement, Shah told the members of OC

Physicians and others that Shah was selling his shares for 20.3256 cents each (or about $4

million total), but Chaudhuri gave Shah “a secret separate payment” of $5,775,000. Also,

Chaudhuri and Shah used the “bankruptcy ruse” to purchase 20 percent or more of

Pacific Coast from exiting OC Physicians members at a bargain price. Shah received an

interest in Pacific Coast worth at least $10 million as part of the secret agreement. In

total, Shah received compensation of about $1 per share under the secret agreement,

rather than the publicly disclosed 20.3256 cents per share.

The Corporation’s purchase of Shah’s and OC Physicians’ shares closed in March

2014. In May 2014, the Corporation’s board approved a reverse stock split in which

every 13.5 million shares were converted into a single share. Chaudhuri conceived of the

reverse stock split and insisted that the board approve it. The Corporation did not issue

4 fractional shares in connection with the reverse stock split, but the shareholders who were

entitled to a fractional share received 20.3256 cents for every presplit share that they

owned. Fitzgibbons owned about 1.4 million shares of the Corporation before the reverse

stock split, so he received 20.3256 for each of those shares.

Because Chaudhuri concealed the true purchase price of Shah’s and OC

Physicians’ shares, Fitzgibbons and the putative class members did not receive fair value

for their shares. And by agreeing to a “common plan and scheme to secretly compensate

[Shah] for his shares,” each of the defendants breached their fiduciary duties to the

shareholders or aided and abetted such breaches. The shares were worth at least $1 each,

not the “falsely represented price” of 20.3256 cents. Further, the reverse stock split

lacked a valid business purpose and was designed to force Fitzgibbons and the putative

class members out of the Corporation before “materially improved performance results

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