In re Ascena Retail Grp., Inc. Sec. Litig.
In this securities putative class action litigation, plaintiff shareholders alleged that the defendants (Ascena) misrepresented the value of Ascena’s goodwill and trade names in order to inflate Ascena’s stock price artificially. In June 2017, Ascena announced an impairment charge to those assets of $1.3 billion “causing Ascena's already-declining share price to fall precipitously. Ascena ultimately declared Chapter 11 bankruptcy in July 2020.” The defendants moved to dismiss for failure to plead material misrepresentation or scienter or both. The court granted the motion to dismiss but allowed the plaintiffs to amend their complaint.
New Jersey U.S. District Court Dismisses Plaintiffs’ Complaint That Public Company Defendant Overvalued Its Goodwill
In this securities putative class action litigation, plaintiff shareholders alleged that the defendants (Ascena) misrepresented the value of Ascena’s goodwill and trade names in order to inflate Ascena’s stock price artificially. In June 2017, Ascena announced an impairment charge to those assets of $1.3 billion “causing Ascena's already-declining share price to fall precipitously. Ascena ultimately declared Chapter 11 bankruptcy in July 2020.” The defendants moved to dismiss for failure to plead material misrepresentation or scienter or both. The court granted the motion to dismiss but allowed the plaintiffs to amend their complaint.
Marketing and Financial Experts Clear First Hurdle in Copyright Infringement Case
Good use of marketing and financial expert defeats summary judgment and Daubert motions related to claims of lost profits arising from copyright infringement.
Brighton Collectibles, Inc. v. Coldwater Creek, Inc.
Good use of marketing and financial expert defeats summary judgment and Daubert motions related to claims of lost profits arising from copyright infringement.
Estate of Cyril Magnin v. Commissioner (II)
*This Memorandum Opinion supplements our Memorandum Opinion in Estate of Magnin v. Commissioner, T.C. Memo. 1996-25, revd. and remanded 184 F.3d 1074 (9th Cir. 1999). T.C. Memo. 2001-31 UNITED STATES TAX COURT ESTATE OF CYRIL I. MAGNIN, DECEASED, DONALD ISAAC MAGNIN, EXECUTOR, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent* Docket No. 24883-92. Filed February 12, 2001. Stuart S. Lipton, Frederick J. Adam, Jerome B. Falk, Jr., Douglas A. Winthrop, and Denise M. Riley, for ...
The IRS' 'More Reliable' Valuation Accepted Over Estate Valuation
This case involves a hearing on remand from the 9th Circuit to provide sufficient analysis of the consideration value of common and preferred stock in two closely held companies transferred and received by Cyril Magnin, the life estate holder.
Estate of Cyril I. Magnin v. CIR (I)
The Tax Court clarified the definition of 'Fair Market Value' when it warned that the hypothetical sale should not be separated from the actual facts that would affect the value of the subject company's stock.
Tax Court Clarifies Fair Market Value as a Standard of Value
The Tax Court clarified the definition of "fair market value" when it warned that the hypothetical sale should not be separated from the actual facts that would affect the value of the subject company's stock.
Minority Share Gifts: Court Finds 30% Discount for Lack of Marketability
The parties stipulated to freely traded minority interest values, so the only issue was the discount for lack of marketability.
Mandelbaum v. Commissioner
At issue is the amount of discount for lack of marketability that should be applied to determine the fair market value of certain shares of stock owned by some or all of petitioners.
Jensen v. Jensen
One issue in this case was the valuation of a retail clothing business.