| Cornerstone Research has unparalleled experience in financial consulting for securities class action litigation, including Rule 10b-5, Section 11, and Section 12 litigation, as well as in direct actions pursued by opt-out institutional investors and regulatory agencies such as the Securities and Exchange Commission (SEC). Drawing on decades of experience in studying security price formation, we develop informed and innovative approaches to case strategy, including evaluating damages scenarios and preparing settlement analyses. | We provide one-stop consulting and litigation support, extending beyond traditional class certification and damages roles, across all phases of a dispute, from early engagement through trial. Our expertise is born from experience; we are involved in many of the most high-stakes and data-intensive securities matters each year. Our professionals combine intellectual rigor with extensive experience and advanced analytics. Our practice is fueled by a collaborative culture that leverages cross-functional expertise and our pioneering data science capabilities, ensuring the most effective and strategic support possible. |
Featured Practice Experts
We work with prominent expert witnesses, including leading academics, former regulators, and industry specialists, who bring exceptional credibility and experience to our clients’ cases. Our analyses and expert witness testimony have been cited favorably in numerous trial verdicts and summary judgment decisions.
Tobias J. Moskowitz
Dean Takahashi ’80 B.A., ’83 M.P.P.M. Professor of Finance,
Yale School of Management,
Yale University
Philipp Schnabl
Martin J. Gruber Professor in Asset Management,
Professor of Finance,
Stern School of Business,
New York University;
Sidney Homer Director,
Salomon Center for the Study of Financial Institutions
Paul A. Gompers
Eugene Holman Professor of Business Administration,
Harvard Business School,
Harvard University
Douglas J. Skinner
Sidney Davidson Distinguished Service Professor of Accounting,
University of Chicago Booth School of Business
Andrea L. Eisfeldt
Laurence D. and Lori W. Fink Endowed Chair in Finance,
Professor of Finance,
UCLA Anderson School of Management,
University of California, Los Angeles
René M. Stulz
Everett D. Reese Chair of Banking and Monetary Economics,
Director, Dice Center for Research in Financial Economics,
Fisher College of Business,
The Ohio State University
Steven R. Grenadier
William F. Sharpe Professor of Financial Economics,
Stanford Graduate School of Business;
Senior Advisor, Cornerstone Research
David C. Smith
Virginia Bankers Association Eminent Professor,
McIntire School of Commerce,
University of Virginia
Christian T. Lundblad
Richard “Dick” Levin Distinguished Professor of Finance,
Senior Associate Dean for Faculty and Research,
Senior Fellow, Kenan Institute of Private Enterprise,
Kenan-Flagler Business School,
University of North Carolina, Chapel Hill
Amy P. Hutton
Professor of Business Administration,
Carroll School of Management,
Boston College
Mark J. Garmaise
Professor of Finance,
Joel Fried Chair in Applied Finance,
UCLA Anderson School of Management,
University of California, Los Angeles
Our expertise is born from experience
We are involved in some of the most complex and largest securities matters each year. Select examples include Strougo v. Tivity Health Inc. et al., Shupe et al. v. Rocket Companies Inc. et al., and Arkansas Teacher Retirement System et al. v. Goldman Sachs Group Inc. et al.
Securities Litigation Capabilities
Cornerstone Research provides comprehensive support through all stages of litigation. Our engagement begins in the earliest stages of a dispute, helping clients develop effective case strategy and rigorously assess potential exposure. Our support extends through expert deposition and settlement negotiation. By integrating economic rigor from initial assessment to final resolution, we empower clients to make informed decisions that optimize litigation outcomes.
Landmark successes showcase our prowess at supporting clients at the class certification stage. We provide comprehensive support for financial economists, industry experts, and other experts to rigorously address issues such as market efficiency, price impact, and potential damages methodologies. Examples of pivotal decisions at class certification in which we have provided support include Shupe et al. v. Rocket Companies Inc. et al., In re Kirkland Lake Gold Ltd. Securities Litigation, Arkansas Teacher Retirement System v. The Goldman Sachs Group and In re BP Securities Litigation. In addition to our vast experience with Rule 10b-5 cases, we also have extensive experience in Section 11 and 12 securities class actions, such as in Vignola v. FAT Brands Inc.
We offer comprehensive support for expert testimony at the merits stage of securities litigation. We regularly collaborate with and support a wide array of experts, including those specializing in financial economics, accounting, corporate governance, and disclosure, and experts who are industry specialists or were former equity analysts. In Rule 10b-5 cases, we have extensive experience analyzing complex inflation, loss causation, reliance, and materiality issues and quantifying damages stemming from alleged fraud. In Section 11 and 12 claims, we have significant experience with negative causation and damages analyses, including notable successes such as In re Cloudera Inc. Securities Litigation and Freshworks Inc. Securities Litigation.
Our expertise spans the entire litigation lifecycle, including Daubert challenges, summary judgment, and trial. We also provide post-trial support, assisting with briefs and appeals. As trusted partners, we help legal teams develop effective case strategies. Our analyses and expert testimony have been cited and relied upon in both jury (Hsu et al. v. Puma Biotechnology Inc. et al. and JDS Uniphase Corporation Securities Litigation) and bench trials (Gamco Investors Inc. v. Vivendi S.A).
Cornerstone Research provides support on matters involving a comprehensive range of securities, including equities, fixed income, preferred stock, options, cryptocurrencies, and others. Our expertise extends to complex transaction structures, including cases involving mergers and special-purpose acquisition companies (SPACs), as well as litigation involving foreign issuers such as Canadian and Australian companies. This broad experience spans key global industries, including energy, financial institutions, FinTech, healthcare, life sciences, manufacturing, and telecommunications.
In collaboration with our Data Science Center, we leverage artificial intelligence (AI) to manage and analyze massive, disparate datasets—from transforming unstructured trading data to efficiently analyzing vast collections of analyst reports and case materials. The firm’s Applied Research Center also provides deep, technical capabilities in areas like econometrics and market microstructure to rigorously analyze issues such as market efficiency and loss causation.
Market Leading Analysis
As trusted authorities in 10b-5 securities litigation research and analysis, our thought leadership has become a benchmark in the industry. We also host prominent speakers to discuss emerging trends and patterns in the industry. By staying ahead of the curve, we help our clients prepare for opportunities and challenges.
Cornerstone Research, in cooperation with the Stanford Law School Securities Class Action Clearinghouse (SCAC), publishes a series of reports on securities class actions filed after the passage of the Private Securities Litigation Reform Act of 1995 (PSLRA or Reform Act). These biannual reports are widely cited, providing comprehensive statistics on historical and recent filings activity, characteristics, and trends.
Cornerstone Research conducts research based on a database of securities class action settlements for cases filed after the passage of the Private Securities Litigation Reform Act of 1995. Our research examines the relationship between settlement outcomes and certain securities case characteristics. Our yearly report discusses these findings and trends in securities class action settlements.
Building on Cornerstone Research’s study of securities class action settlements, the authors analyze settlement outcomes of shareholder derivative actions associated with securities class actions. A shareholder derivative action is a lawsuit brought by a corporation’s current shareholder(s) on behalf of the corporation.
This research provides a comprehensive, quantitative analysis of publicly available information regarding “opt-outs” from securities class action settlements. Opt-outs occur when at least one putative class member excludes itself from the class, often to pursue a separate direct action against the defendant. The report also presents empirical analysis of how certain class action case characteristics relate to opt-outs.
This Cornerstone Research report compares accounting case filings and settlements to overall securities class action trends. A year-by-year breakdown of accounting cases versus non-accounting cases over a ten-year span is provided.
Cornerstone Research collaborates with the Securities Enforcement Empirical Database (SEED) to publish annual publications analyzing trends in SEC enforcement actions against public companies traded on major U.S. exchanges and their subsidiaries. Created by the NYU Pollack Center for Law & Business in cooperation with Cornerstone Research, SEED tracks and records information on SEC enforcement actions filed against public companies and their subsidiaries. SEED facilitates analysis by presenting verified data in an easily searchable format using several variables, including defendant names and types, violations, judicial venues, and resolutions.
Cornerstone Research professionals and experts speak regularly at industry-learning conferences and at firm-hosted events to discuss the most interesting and pressing topics relevant to financial issues in securities litigation. Recent firm-hosted events include:
- Securities Law in Flux: Navigating the New Enforcement and Litigation Landscape
- The Future of Crypto Litigation, Legislation, and Regulation
- The Second Trump SEC: Navigating Crypto, Climate, AI, and Executive Power
- Quantifying Circuit Splits and the Dangers of Expert-Based Securities Fraud Complaints
Selected Professionals
Our professionals contribute expertise in economics, finance, accounting, and marketing, as well as business acumen, familiarity with the litigation process, and a commitment to provide outstanding support.
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Sara E. Gilley
Sara E. Gilley
Senior Vice President
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Filipe Lacerda
Filipe Lacerda
Vice President
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Shaama Pandya
Shaama Pandya
Vice President
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Kristin M. Feitzinger
Kristin M. Feitzinger
Chair of the Board