David Marcus provides consulting services and expert testimony in litigation involving economic and financial issues. Dr. Marcus’s primary areas of focus are securities litigation, valuation issues, and litigation involving financial institutions.
In securities litigation, he has analyzed loss causation, class certification, and damages in cases alleging violations of generally accepted accounting principles and other misrepresentations and omissions:
- Examined whether information was material to stock prices
- Analyzed factors contributing to initial public offering (IPO) returns
- Researched the value of corporate control and voting rights
- Evaluated whether securities traded in efficient markets
- Analyzed trading characteristics of stocks trading on multiple exchanges
- Analyzed the effect of short selling on stock prices
- Evaluated alleged market manipulation schemes
Dr. Marcus’s valuation experience has involved consulting on valuation issues for appraisal actions and other litigation involving valuation of companies, employee stock options, and lost profits:
- Provided expert opinion on valuation for a Delaware Chancery Court case
- Retained as an expert to value employee stock options
- Evaluated transaction values in mergers and acquisitions
- Modeled lost future income related to product liability issues
- Estimated lost profits from alleged breach of contract
His financial institutions practice has involved a wide range of issues, from analyses of customer transaction data to analyses of corporate funding decisions:
- Analyzed margins on foreign exchange transactions of a large bank
- Evaluated whether a major investment bank provided customers with the best execution on trades in NASDAQ stocks
- Researched factors associated with IPO allocations
- Analyzed the computer systems of an international bond broker
- Analyzed capital market transactions, including IPOs, secondary offerings, private offerings, and debt offerings
Dr. Marcus joined Cornerstone Research after receiving his Ph.D. in finance and banking. His research has been published in the Journal of Financial Economics. He is also the coauthor of of “An Imprecise Measure of Loss—At Best” and “The Increasing Importance of Loss Causation Analysis.”