Our team of Ph.D. financial economists and professionals with certifications and degrees in finance, economics, and accounting brings a distinctive combination of technical expertise in areas including financial economics, statistics and econometrics, and valuation.

Together with our outside network of academic and industry experts we provide expert testimony and consulting to address economic problems in both litigation matters and business transactions. Our clients value our ability to focus on their needs, while conducting analyses based on rigorous, independent research.


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In various types of financial litigation, we assist clients with the valuation of whole businesses and complex assets and financial instruments, including options, asset-backed securities, credit default swaps, and distressed assets. Our experts have developed a suite of Equity and Stock Option Valuation (ESOVAL®) models. These models, based on state-of-the-art lattice- and -Monte Carlo simulation approaches, are cutting-edge tools for the valuation of employee stock options and other compensation instruments typically awarded by present-day employers. These instruments include traditional employee stock options (ESOs) as well as complex nontraditional instruments, such as capped, indexed, barrier, hurdle rate and market-based ESOs, and stock appreciation rights.

Business Asset Valuation

“The growth in allegations of fraudulent activities such as insider trading, investors being misled on trading strategies, and other conflicts of interest between investors and funds, fund families, and brokers has triggered increased scrutiny of pension funds, mutual funds, and hedge funds. Our securities experts study, investigate, and assess a variety of issues including:
• pension fund investment returns for Employment Retirement Income Security Act (ERISA) claims;
• risk taking, market timing, and investment suitability of pension funds, mutual funds, and hedge funds;
• potential conflicts of interest arising from the simultaneous management of mutual funds and hedge funds;
• Ponzi schemes and other accounting fraud, along with related investor damage claims;
• the merit of excessive fee claims through examination of fund trading behavior and investment styles; and
• the appropriateness of fund disclosure.”

Pension, Mutual Fund & Hedge Fund Disputes

“Our expertise in 10b-5 securities class actions and other related litigation ranges from econometric modeling of loss causation to analysis of damages and Generally Accepted Accounting Principles (GAAP). Our experts have tackled assignments that involve:
employing an econometric approach to study loss causation and calculate potential damages per share by taking into account the timing of information releases to the capital markets in derivative class action suits in which the plaintiffs alleged Section 10b-5 and other violations, and performing an analysis of damages and GAAP related to the alleged misstatement of company financial records that focused on asset impairment issues and revenue recognition issues, in connection with allegations of SEC violations including Section 10b-5.”

Section 10b-5 Analysis & Damages Calculations

Our in-house Ph.D. economists and certified accounting and finance professionals, joined by our outside network of academic and industry experts, bring a unique combination of analytical insight, technical knowledge, and practical experience to bear on securities class action matters. We have the necessary experience to assist counsel with class certification, liability, and class-action damages issues that can arise in securities cases, including those filed under Rule 10b-5 and/or Section 11. Our experience also covers corporate-governance and director-liability issues that arise in securities litigation, such as issues that arise as a consequence of SOX-404. Our clients value our ability to produce rigorous, independent analysis appropriate for settlement or litigated outcomes.

Securities Litigation