Valuation models are ‘opinion’ not ‘fact;’ appraiser need not disclose others’ valuations

Business Valuation UpdateVol. 11 No. 4
Legal and Court Case Update
April 2005
4813 Telephone Communications, Except Radiotelephone
517911 Telecommunications Resellers

In re Salomon Analyst Level 3 Litigation
2005 U.S. Dist. LEXIS 317
January 11, 2005
Federal Court
New York
United States District Court
Brad S. Karp, Christopher J. Marino, Daniel A. Osborn, David C. Katz, Donald R. Hall, Eric S. Goldstein, Frederic S. Fox, Gregory Linkh, Jack Zwick, Jacqueline Sailer, Joseph H. Weiss, Joyce S. Huang, Martin London, Peter K. Vigeland, Richard A. Rosen


In this securities fraud action, the issue was whether research analyst reports disseminated by Jack Grubman and Salomon Smith Barney (SSB) were materially false and misleading.

See Also

In re Salomon Analyst Level 3 Litigation

In this securities fraud case, a federal district court ruled that valuation models are opinions, not facts, and that, therefore, an appraiser does not have a duty to disclose others' valuation models in the appraiser's reports.