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Kroll also release updated UK CAPM and inflation indicators

Kroll continue to publish regular updates on the global economic and financial market conditions that influence business valuations in the UK (they began this process in 2014).

Dates for your diary

21-29 June (today): ICAEW Practical Business Valuation, virtual classroom ...

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.

Comment on COE data sources survey

In last week’s issue, we reported on a survey of the data sources analysts use to estimate the cost of equity (COE) (click here to see the news item).

Long-term inflation estimates rise, per Kroll infographic

Long-term inflation expectations for the U.S. and Germany, a key starting point to evaluate the long-term growth rate used in the terminal year of DCF analyses, are significantly higher when compared to June 2020, at the height of the COVID-19 crisis, according to a newly updated infographic from Kroll.

Human capital and valuation explored in new paper

Everyone knows the phrase “our people are our most valuable asset,” but just how does human capital generate value for organizations?

ASA announces keynote for its annual conference

The state of the current—and future—economy is more important than ever for valuations, so the American Society of Appraisers has lined up a top-notch keynote for its 2022 ASA International Conference, September 10-12 in Tampa, Fla., and virtually.

CPA firms continue to have trouble finding staff

Historically, “finding qualified staff” has been a leading concern of all CPA firms other than sole proprietors, and that held true to a large degree this year, according to the “2022 PCPS CPA Firm Top Issues Survey” unveiled during the recent AICPA ENGAGE Conference in Las Vegas.

Global BV News: New edition released of Business Analysis and Valuation: IFRS

Cengage has released the 6th edition of Business Analysis and Valuation: IFRS Edition in the educational market.

Global BV News: CBV Institute launches LinkedIn page for students

The Chartered Business Valuators Institute (CBV Institute), Canada’s valuation professional organization (VPO), has just launched a CBV Program of Studies LinkedIn showcase page.

BV movers . . .

Trisch Garthoeffner, ABV, CVA, MAFF, EA, MAcc, was recently nominated to be the chair of the standards board of the National Association of Certified Valuators and Analysts (NACVA).

CPE events

Automating Valuation Reports, June 16, 10:00 a.m.-11:40 a.m. PT/1:00 p.m.-2:40 p.m. ET. Featuring: Nick Mears (Caprock Business Consulting LLC). CPE credits: 2.0.

Husband shuns BV expert, loses case

In a Pennsylvania divorce case involving a restaurant, neither the husband nor the wife submitted formal business appraisals.

Kuzma v. N. Ariz. Healthcare Corp.

The defendants in this qui tam case asked for summary judgment against the plaintiff Relator, who had alleged violations of the False Claims Act as it related to the sale of Surgery and Rehabilitation Centers by the defendants. Relator brought suit against the defendants, alleging they violated the FCA by overpaying the physician-owners of the Summit Center to reward them for past business and to induce future business in violation of the federal Anti-Kickback Statute. The defendants advanced three arguments in favor of summary judgment: (1) the acquisition price paid for the Summit Center was fair market value; (2) Relator had no evidence that the defendants acted with the requisite scienter; and (3) Relator cannot show a causal link between the alleged kickback and the submission of false claims.

U.S. District Court Partially Denies Motion for Summary Judgment Regarding Qui Tam Case on Excess Purchase Price Under the False Claims Act

The defendants in this qui tam case asked for summary judgment against the plaintiff Relator, who had alleged violations of the False Claims Act as it related to the sale of Surgery and Rehabilitation Centers by the defendants. Relator brought suit against the defendants, alleging they violated the FCA by overpaying the physician-owners of the Summit Center to reward them for past business and to induce future business in violation of the federal Anti-Kickback Statute. The defendants advanced three arguments in favor of summary judgment: (1) the acquisition price paid for the Summit Center was fair market value; (2) Relator had no evidence that the defendants acted with the requisite scienter; and (3) Relator cannot show a causal link between the alleged kickback and the submission of false claims.

In Search of a Steady State: Inflation, Interest Rates and Value, The (inflation) Genie Escapes the Bottle!

In this very special complimentary program with BVR, renowned financial guru Aswath Damodaran looks at where inflation expectations stand and where inflation might end up – from the potentially catastrophic to the (mostly) benign. Inflation is the culprit behind markets approaching bipolar territory with their big ups and downs, and it remains a highly unpredictable macroeconomic factor.

A Sneak Peek at the 2022 AAML/BVR Divorce Conference

Check out this preview of a few of the events taking place at the 2022 AAML/BVR National Divorce conference, in sunny Las Vegas!

In Re S-Tek 1, LLC

The debtor, S-Tek 1 LLC, submitted a motion to value to the Bankruptcy Court to determine the value of the collateral of Surv-Tek Inc. as to debt owed it by the debtor pledged as collateral for debt owed by S-Tek to Surv-Tek. The valuation was to be used in the confirmation of a Chapter 11 reorganization of S-Tek. The court used the replacement value standard of value instead of the “ongoing concern” value since the replacement value provided a value greater than the “enterprise value” (i.e., ongoing concern value).

Bankruptcy Court Uses the ‘Replacement Value Standard’ as It Determines That Debtor ‘Enterprise Value’ Is Lower and Inappropriate

The debtor, S-Tek 1 LLC, submitted a motion to value to the Bankruptcy Court to determine the value of the collateral of Surv-Tek Inc. as to debt owed it by the debtor pledged as collateral for debt owed by S-Tek to Surv-Tek. The valuation was to be used in the confirmation of a Chapter 11 reorganization of S-Tek. The court used the replacement value standard of value instead of the “ongoing concern” value since the replacement value provided a value greater than the “enterprise value” (i.e., ongoing concern value).

Keys to Using a Royalty Database

Follow along as we review the detailed processes ktMINE uses in order to mine and curate the public domain into the most robust transactions database on the market. We will discuss ktMINE's data sources, how the information is analyzed, and specific questions a practitioner may need to solve. Anyone who is interested in learning how to leverage a transactions database to execute effective valuations will benefit from attending.

Morrison cautions appraisers regarding automation

Blind reliance on automated tools for business valuation is a danger, says past ASA international president Bob Morrison, FASA, who spoke on a recent webinar on the future of the valuation profession.

Valuation amid inflation: a free interactive webinar with Aswath Damodaran

BVR has a very special event next week—a free one-hour webinar on June 14 titled In Search of a Steady State: Inflation, Interest Rates, and Value—The (Inflation) Genie Escapes the Bottle!

Cannabis lawsuit could be a game changer

A coalition of influential marijuana companies and stakeholders are planning to sue the federal government over alleged unconstitutional policies that affect their operations, according to a report in Marijuana Moment.

Stout releases guide to ASC 842

Accounting Standard Codification (ASC) 842 is the new lease standard, and Stout has released a guide designed to give practical guidance and key takeaways from their experience with both public- and private-company adoptions.

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