“With his extensive expertise in securities trading, valuation, and causation, Drew is a robust addition to our firm’s Securities team,” said Brattle Interim President & Principal David J. Hutchings. “His testifying experience and ability to help parties understand risk in complex portfolios involving options will be a major asset to Brattle’s clients.”

With more than 15 years of litigation consulting experience at top consultancies, Dr. Roper has served as a testifying expert in several high-profile commercial litigation matters, including as a class action certification expert. He has consulted on matters involving options trading, claims relating to risk management, fixed and variable rate annuities, and more.

Dr. Roper’s consulting experience is supported by a strong background in academia. He has held research and teaching positions focused on corporate finance at the Stanford Law School, the University of Wisconsin-Madison, and Duke University’s Sanford School of Public Policy. His work has been published in several leading economic and financial journals.

“I look forward to continuing to build the Brattle brand in securities litigation,” said Dr. Roper. “With the deep bench of expertise already in place and opportunities to invest going forward, Brattle should be on the top of the short list for clients looking for experienced securities experts that use innovative approaches.”

Before joining Brattle, Dr. Roper founded his own litigation consulting firm Catalyst Economic Consulting, and gained prior experience as an Executive Vice President and a Vice President, respectively, at two global economics consultancies.

To learn more about Dr. Roper, please see his full bio.

The post Financial Economist Andrew Roper Joins The Brattle Group as Principal appeared first on Brattle.

“George is a welcome addition to Brattle’s growing Chicago office and our firm more broadly,” said Brattle Interim President & Principal David J. Hutchings. “His wide breadth of expertise in M&A-related litigations, coupled with his strong project management skills and focus on collaboration, will further augment Brattle’s capabilities in this area, and he will be a valuable asset to our clients.”

Mr. Hickey has worked on litigations involving appraisal claims, material adverse change (MAC) and material adverse effect (MAE) claims, securities fraud damages, and breach of contract and fiduciary duty disputes. He has served as a testifying expert in matters in the Delaware Court of Chancery and US District Court for the Northern District of California and has supported other testifying experts and academics in several leading M&A jurisdictions and forums.

“I am thrilled to be joining the top-notch team of experts at The Brattle Group,” said Mr. Hickey. “I look forward to collaborating with my new colleagues and providing services to help clients navigate the complex landscape of M&A and bankruptcy-related disputes.”

Before joining Brattle, Mr. Hickey was a Senior Vice President at a litigation consulting firm. He previously founded and served as President of his own firm, which provided pre-litigation damages assessments and early-stage litigation consulting services. He has held several senior positions at other economic and litigation consulting firms.

To learn more about Mr. Hickey, please see his full bio.

The post M&A Litigation Expert George Hickey Joins The Brattle Group as Principal appeared first on Brattle.

The winners of the 2022 Brattle Group Prize in Corporate Finance are:

First Prize, $25,000: Andreas Fuster, Paul Goldsmith-Pinkham, Tarun Ramadorai, and Ansgar Walther
Predictably Unequal? The Effects of Machine Learning on Credit Markets
The Journal of Finance, February 2022

Distinguished Paper, $10,000: Asaf Bernstein
Negative Home Equity and Household Labor Supply
The Journal of Finance, December 2021

Distinguished Paper, $10,000: Isaac Hacamo and Kristoph Kleiner
Forced Entrepreneurs
The Journal of Finance, February 2022

The Brattle Group has funded this annual award for more than 20 years. These prizes are presented at the AFA’s annual meeting, and this year’s awards were announced at the AFA’s Annual Meeting 2023, which took place January 6–8 in New Orleans, LA. All papers published in issues of The Journal of Finance from the first five issues of the given year, and December of the previous year, are eligible. We congratulate the winners on their achievements!

View a complete list of past winners

More about the AFA

The post American Finance Association Announces 2022 Recipients of The Brattle Group Prizes in Corporate Finance appeared first on Brattle.

In September 2014, an investor agreed to purchase 2,900,000 shares in 6D Acquisitions, a special purpose vehicle formed for investing in digital marketing/technology company 6D Global Technologies. After entering the agreement but before the investor received his shares, two reverse stock splits occurred to preserve the stock price of 6D Global Technologies and allow it to remain listed on NASDAQ. As a result, the investor received 6.9 times fewer shares than purchased when the official offering closed. He then sued 6D Global Technologies, 6D Acquisitions, and Tejune Kang, alleging that they had breached the subscription agreement and violated Rule 10b-5.

To determine the value of the shares he purchased but did not receive, the investor used simple arithmetic calculations to demand $19.6 million in damages. Principal Paul Hinton testified as an expert witness at the virtual trial that, due to the fragile nature of 6D Global Technologies, no simple rule of thumb could be applied to establish valuation in this instance.

Following the March 2021 trial, District Judge Lorna G. Schofield determined that, though the subscription agreement had been breached, Mr. Hinton’s trial testimony helped demonstrate that no simple valuation could determine the investment’s but-for value due to the fragile nature of 6D Global Technologies. In November 2022, the Second Circuit affirmed the lower district court decision, upholding the damages amount and rejecting the plaintiff’s assertion that the district court had erred in admitting Mr. Hinton’s expert testimony.

Read the full case highlight here.

The post $1 Damages Award Upheld by Second Circuit in 6D Technologies 10b-5 Stock Valuation Matter appeared first on Brattle.

The lawsuit pertains to the Class V common stock of Dell Technologies (ticker DVMT) issued in 2016 in conjunction with Dell’s acquisition of EMC Corporation, which also owned about 80% of VMware. In exchange for the EMC stock, EMC shareholders received cash and shares of DVMT, which were designed to track the economic performance of VMware. In 2018, Dell bought the DVMT shares for cash and Dell Class C shares. DVMT shareholders filed a class action lawsuit against Dell’s controlling shareholders – including CEO Michael Dell, private equity firm Silver Lake, and others – for breaches of fiduciary duty relating to the transaction, which they alleged undervalued DVMT.

The plaintiffs retained Mr. Sacks as the damages expert for the shareholder class. Mr. Sacks and the Brattle team assessed the value of the cash and stocks exchanged in the transaction. Major analyses in this case included the contractual features of the Class V stock, Dell’s corporate governance, the value of control and minority discounts, event studies, and Dell’s risk of bankruptcy, including through option pricing models.

The $1 billion cash settlement is subject to approval by the Delaware Chancery Court.

The post Brattle Clients Secure Historic Settlement in Shareholder Class Action appeared first on Brattle.

“These talented individuals provide in-depth expertise to a vast array of clients on matters related to financial services, energy, tax, and more,” shared Brattle President & Principal David Sunding. “In addition, they have made exemplary contributions to mentoring and developing their colleagues, and truly demonstrate the exceptional leadership pipeline we are fortunate to have at the firm.”

Our new Principals:

• Hollie Mason | Practice Leader: Broker-Dealers & Financial Services | Chicago
  An attorney with more than 15 years of experience in the financial industry, Ms. Mason provides expert testimony and consulting services concerning securities litigation and enforcement matters. She has deep knowledge of Financial Industry Regulatory Authority (FINRA) and Securities & Exchange Commission (SEC) rules.
• David McKnight | New York
  Mr. McKnight has over 20 years of experience providing expert testimony and consulting services in matters pertaining to mass torts, securities, finance, valuation, and bankruptcy. In mass tort matters, he has worked with liability forecasts, insurance coverage, and discounted cash flows.
• Albert Metz | New York
  Dr. Metz is a securities and finance expert with deep experience in credit analysis, financial modeling, asset pricing, market efficiency, and event studies. He has consulted on asset pricing, antitrust, mergers and acquisitions, market manipulation, collusion, fixed income securities, and various debt derivatives.
• Christine Polek | Boston
  Ms. Polek serves as a consulting and testifying expert in complex litigation requiring the application of economic, financial, and statistical analysis to legal and regulatory issues – with a focus on valuation, tax controversy, and labor and employment.
• Akarsh Sheilendranath | Boston
  Mr. Sheilendranath is an energy economist with a unique blend of expertise in wholesale electricity markets, electric transmission, and regulatory corporate finance. He specializes in transmission policy, utility investment strategy and planning, large-scale renewable integration, and cost-benefit assessments.
• Anul Thapa | Boston
  Mr. Thapa has over 12 years of experience applying economic and finance principles in complex oil and gas-related litigation, arbitration, and regulatory proceedings. His experience in commercial disputes includes damages estimation, valuation, and pricing related to energy assets and contracts.
• Mike Tolleth | New York
  Mr. Tolleth specializes in the economic analysis of energy markets, with expertise in financial modeling and valuation of energy assets, contracts, and businesses. He supports clients in litigation and arbitration matters and provides expert testimony related to cost of service, rate design, cost of capital, regulatory policy, long-run marginal cost pricing, and market power.

The post Seven Experts Promoted to Principal at The Brattle Group appeared first on Brattle.

First Prize, $25,000: Peter M. DeMarzo and Zhiguo He
Leverage Dynamics without Commitment
The Journal of Finance, December 2020

Distinguished Paper, $10,000: Itamar Drechsler, Alexi Savov, and Philipp Schnabl
Banking on Deposits: Maturity Transformation without Interest Rate Risk
The Journal of Finance, February 2021

Distinguished Paper, $10,000: Pat Akey and Ian Appel
The Limits of Limited Liability: Evidence from Industrial Pollution
The Journal of Finance, February 2021

The Brattle Group has funded this yearly award for more than 20 years. These prizes are presented at the AFA’s annual meeting, and this year’s awards were announced at the virtual 2022 ASSA/American Finance Association’s (AFA) Annual Meeting on January 7–9. All papers published in the prior year’s issues of The Journal of Finance are eligible. We congratulate the winners on their achievement!

View a Complete List of Past Winners

More about the AFA

The post American Finance Association Announces 2021 Recipients of The Brattle Group Prize appeared first on Brattle.

The appraisal litigation landscape is constantly in flux. During the webcast, speakers will provide an in-depth analysis of the significant trends and developments in appraisal litigation and discuss the implications of these developments. They will also cover recent and pending court rulings to identify and provide best practices for mitigating litigation risks.

For more information or to register, please visit the event website.

The post Trends, Developments, and Notable Court Rulings Shaping the Appraisal Litigation Landscape: Timothy McAnally to Discuss in CLE Webcast appeared first on Brattle.

Brattle supported three testifying experts in the litigation, including Principal & Chairman Yvette Austin Smith, Professor Steven J. Davis of The University of Chicago Booth School of Business, and Gregory Bedrosian, Managing Partner and CEO of Drake Star Partners. Brattle Principal Timothy McAnally served as a consulting expert and managed the project teams.

To learn more, read our full Case Highlight.

The post Delaware Chancery Court Upholds $550 Million Acquisition of Brattle Client DecoPac in MAE Dispute appeared first on Brattle.

The webinar will discuss recent and notable case decisions and significant developments in forensic accounting, valuation, and litigation.

To learn more or to register, please visit the event website.

The post Benjamin Sacks to Participate in Webinar on Valuation and Forensic Accounting appeared first on Brattle.