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Class-Action Litigation Involving ERISA/ESOP Valuation Issues

Join James F. Joyner and attorney Richard Pearl for unique insight into ESOPs and valuation principles. The general trend in ESOP transactions and valuation has been to acquiesce to fundamental changes because of the threat of litigation, even though ERISA or valuation principles do not require changes. Many defendants have been unable to adequately educate courts on some key issues. Get both the valuation and attorney perspective on how to address these issues.

Failure to Do Independent Price Impact Analysis Begets Class Certification

Court certifies securities fraud class action where plaintiff expert’s analysis shows market efficiency and where defense expert fails to perform independent event study to show lack of price impact and disprove effect of alleged misrepresentations.

Li v. Aeterna Zentaris, Inc.

Court certifies securities fraud class action where plaintiff expert’s analysis shows market efficiency and where defense expert fails to perform independent event study to show lack of price impact and disprove effect of alleged misrepresentations.

BVLaw Case Update

Every month, BVLaw analyzes and digests federal and state court decisions (including opinions from the United States Tax Court) that focus on valuation and damages issues and feature expert testimony. A BVLaw subscription is an efficient way for financial experts to keep up with developments in their areas of expertise and with the various courts’ takes on valuation methodology, Daubert and the art of presentation, and policy concerns.

In re Finisar Corp. Secs. Litig.

Court denies class certification in securities fraud case, finding defense financial expert is able to rebut presumption of reliance by way of event study that shows defendant’s alleged misrepresentation had no significant impact on company’s stock price.

Defense Event Study Rebuts Plaintiff’s Price Impact Claim

Court denies class certification in securities fraud case, finding defense financial expert is able to rebut presumption of reliance by way of event study that shows defendant’s alleged misrepresentation had no significant impact on company’s stock price.

Baker v. Seaworld Entm’t, Inc.

Court grants class certification in securities fraud case; defense expert’s event study to show absence-of-price-impact fails to rebut presumption of reliance; plaintiff meets predominance requirement and its expert offers valid classwide damages model.

Court Balks at Event Study’s Singular Focus on Misrepresentation

Court grants class certification in securities fraud case; defense expert’s event study to show absence-of-price-impact fails to rebut presumption of reliance; plaintiff meets predominance requirement and its expert offers valid classwide damages model.

Direct Evidence of Price Impact Not Always Necessary, 2nd Circuit Says

In a securities fraud action, appeals court upholds class certification; trial court did not err when it found direct evidence of price impact by way of event study was not necessary to show market efficiency where there was strong indirect evidence.

Waggoner v. Barclays PLC

In a securities fraud action, appeals court upholds class certification; trial court did not err when it found direct evidence of price impact by way of event study was not necessary to show market efficiency where there was strong indirect evidence.

Damages testimony undergoes Daubert treatment in class certification stage

Class actions have their own rules, including when it comes to expert testimony. An unresolved issue is whether damages expert testimony is subject to a Daubert inquiry at the class certification stage, before the court has approved the request to proceed as a class action. The U.S. Supreme Court has yet to give clear guidance, but defendants are increasingly proactive and move to exclude the testimony at the beginning of the litigation in an attempt to thwart class certification and knock the case out early.

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