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BVU News and Trends September 2020

A monthly roundup of key developments of interest to business valuation experts.

The SEC’s Not-So-Gentle Reminder: Show Your Work

A recent SEC comment letter to a company about its determination that no impairment of goodwill and intangible assets was needed, the agency sounded much like every math teacher we’ve all very likely encountered: Show your work!

BVU News and Trends August 2020

A monthly roundup of key developments of interest to business valuation experts.

ASA comments on SEC’s proposed rule on fair value

In a letter to the SEC, the American Society of Appraisers (ASA) voiced its general support for a proposed rule that harmonizes existing fund valuation guidance and clarifies what is expected from boards and advisors when a market quotation is not readily available.

Latest SEC comment letter trends in PwC analysis

Valuable information can be gleaned about fair value measurement issues from comment letters the SEC sends after it reviews public companies’ financial statements and disclosures.

Assessing Cybersecurity Risk When Doing a Business Valuation

Don’t fall into the trap of thinking that just large firms face material risks related to data security and privacy concerns. Here’s a checklist for the guidance of valuation professionals to help assess these risks when performing a business valuation.

Don’t Make Me Call Security!: How to Consider Data Security in a Business Appraisal

Cyber liability is of increasing concern for business owners and executives. With the average total cost of a single data breach of $8.19 million in the U.S., shareholder value can be wiped out with the click of a mouse. Cyber risk is a relatively new risk yet is a particularly lethal one. According to Inc. Magazine, 60% of successful cyberattacks force the target business to close. Appraisals that fail to explicitly address this risk are ...

BVU News and Trends July 2019

A monthly roundup of key developments of interest to business valuation experts.

Latest SEC comment letter trends in PwC analysis

When the SEC reviews financial statements and disclosures of public firms, it may send a comment letter to the company if it has questions or sees problems.

BVU News and Trends March 2019

A monthly roundup of key developments of interest to business valuation experts.

PwC examines SEC comment letters

You can learn a lot from the large amount of back-and-forth communications between the SEC and companies over fair value measurement 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.

Expert’s Damages Opinion Specific Enough for Class Certification Stage

In a securities case, court applies Daubert analysis to plaintiff expert’s market efficiency opinion and event study; expert is qualified even without academic background, and his damages opinion is sufficiently specific to facts of the case and reliable.

SEC’s Daubert Challenge to Securities Valuation Testimony Fizzles

In an SEC case requiring valuation of restricted securities, court admits most of the testimony of parties’ experts; experts need not be specialists in given field and need not demonstrate familiarity with USPAP or SSVS to qualify under Daubert, court fin ...

SEC’s Daubert Challenge to Securities Valuation Testimony Fizzles

In an SEC case requiring valuation of restricted securities, court admits most of the testimony of parties’ experts; experts need not be specialists in given field and need not demonstrate familiarity with USPAP or SSVS to qualify under Daubert, court fin ...

SEC v. Nutmeg Group, LLC

In an SEC case requiring valuation of restricted securities, court admits most of the testimony of parties’ experts; experts need not be specialists in given field and need not demonstrate familiarity with USPAP or SSVS to qualify under Daubert, court fin ...

Expert’s Damages Opinion Specific Enough for Class Certification Stage

In a securities case, court applies Daubert analysis to plaintiff expert’s market efficiency opinion and event study; expert is qualified even without academic background, and his damages opinion is sufficiently specific to facts of the case and reliable.

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