Pure Earth, Inc. v. Call
Appellate court finds district court erred in excluding expert testimony on loss causation and damages in non-typical § 10(b) securities fraud case under Rule 702, because proof as to both elements under this scenario is less “complex”; the expert only ha ...
Ongoing Goodwill Valuation and Impairment Testing Shields Professional From Liability for Misrepresentation or Fraud
One of the issues in this securities fraud class action was whether Acterna Corp.’s (Acterna’s) outside auditor, PricewaterhouseCoopers LLP (PwC), was liable for not accurately representing the value of Acterna’s goodwill under the Financial Accounting Standards Board's (FASB's) Financial Accounting Standards No. 142 (FAS 142) and because PwC knew, or should have known, that the goodwill was seriously impaired, but reported that it was not.
Disparity Between Valuations of Hedge Funds of Unlisted Securities Not Misleading by Itself; Self-Dealing Needed for Fraud
Beacon Hill Asset Management LLC (Beacon Hill), an investment manager of hedge funds that invested in mortgage-backed and related securities, allegedly overstated the net asset values (NAV) of three funds from March 2000 through September 2002 by as much as 61.22%.
In re Acterna Corp. Securities Litigation
One of the issues in this securities fraud class action was whether Acterna Corp.’s (Acterna’s) outside auditor, PricewaterhouseCoopers LLP (PwC), was liable for not accurately representing the value of Acterna’s goodwill under the Financial Accounting St ...
Fraternity Fund Ltd. v. Beacon Hill Asset Management LLC
One of the issues was whether Beacon Hill's valuations were fraudulent because they deviated from valuations done by independent appraisers/brokers.