Provided expert testimony to rebut merger negotiation-related allegations of fraudulent misrepresentation. Analyzed plaintiff- and defendant-related news and stock trading histories, the pre-announcement effect of mergers on stock prices, and merger-related stock price premia. Estimated market models to assess the true value of plaintiff and defendant stock but for the merger, controlling for unrelated firm, industry, and market events. Calculated the discounted present value of plaintiff’s funded debt but for the merger. Assessed damages as the difference between the true value of plaintiff and debtor assets and liabilities exchanged.

Provided expert testimony in tender offer-related insider trading litigation; assessed the Government’s demand for restitution of actual and potential damages; restated target’s financials to adjust for inflated revenues; valued stock options using Black-Scholes option pricing model; prepared comparable company and transaction valuations to evaluate tender offer consideration, acquisition premium, and stock market reaction to earnings announcement news and restatement. Findings led to a reduction in the Government’s damages claim by 90 percent.

Advised and assisted attorneys in litigation involving large-scale shareholder class actions with potential damages ranging from $50 million to $50 billion. Analysis included issues of equity and bond market efficiency, class certification, liability, causation, materiality, damages, settlement prediction, and assessment of case merits.

Estimated value of employee stock options disputed in negotiation to settle a wrongful termination lawsuit. Verified option grants, trading records, and account statements. Analyzed option terms and conditions, including grant and expiration dates, number of underlying shares, related exercise prices, and style of exercise. Identified appropriate stock price, expiration date, volatility, and risk-free interest rate valuation parameters. Estimated potential value of the options using Black-Scholes option pricing model and unadjusted stock prices.

Validated the efficient market hypothesis for equities and bonds for a publicly traded company by demonstrating that the subject stock and bonds were traded in an open and developed market with a large number of investors, in which price and volume information were readily available, and in which trading activity was relatively high and frequent

Worked extensively with mutual fund and financial services companies, pension funds, brokerages, investment banks, market makers, and other financial institutions to analyze issues such as market timing, structure, mechanism, late trading, and mutual fund fees