Matt Osborn

Matt Osborn is a financial economist with more than fifteen years of experience consulting on valuation, corporate finance, financial distress, securities, and financial markets issues in litigation and regulatory matters. Dr. Osborn works with clients to conduct valuations of businesses and assets and to evaluate the financial condition and solvency of public and private companies. He also has substantial experience with M&A and capital market transactions and economic damages matters. His work spans many industries with a focus on energy, financial services, private equity, real estate, and technology.

Dr. Osborn has been retained as an expert witness, providing deposition and trial testimony on valuation and damages issues. He also has substantial experience supporting other experts in matters involving complex business disputes, including in multiple trials before the Delaware Court of Chancery.

 Valuation and corporate finance

Dr. Osborn has extensive experience valuing businesses, assets, and financial instruments in litigation, transactional, bankruptcy, and regulatory contexts. His work includes evaluating the solvency and financial position of companies, assessing fair market value for energy and infrastructure assets, and analyzing the valuation impact of disputed events in M&A and corporate restructuring transactions. Representative engagements include:

• Analyzing a solar energy company’s solvency, financial position, and access to capital markets
• Assessing fair market value for large-scale wind energy facilities
• Evaluating fair market value of an early-stage biotechnology company in the context of an M&A transaction with a large pharmaceutical company
• Conducting valuation analysis conducted in support of a fairness opinion for a tender offer involving a take-private transaction of a major U.S. power plant operator
• Estimating the valuation impact of an alleged material adverse change (MAC) in a target company’s business during a pending M&A transaction in the pharmaceutical industry

Economic damages

Dr. Osborn regularly analyzes and quantifies economic damages in litigation matters, including allegations of lost profits, diminution in enterprise value, and damages arising from breach of contract claims and other business disputes. His work includes:

• Analyzing the change in valuation and damages to the shareholders of a software as a service (SaaS) company from the purported termination of a merger agreement
• Assessing lost profits and diminution of enterprise value from an alleged breach of contract involving an early-stage quick-service restaurant venture
• Consulting on an alleged legal malpractice claim arising from the amendment of a syndicated loan to a private equity-sponsored borrower in financial distress
• Evaluating the risk/return profile and economic damages for a wind power purchaser affected by extreme weather-driven market disruptions

 Securities litigation

Dr. Osborn addresses price impact, market efficiency, loss causation, and damages in securities litigation. His work includes:

• Evaluating disclosures related to estimated synergies in the context of a large merger in the oil and gas industry
• Evaluating the reliability of proposed damages methodologies at the class certification stage
• Assessing investor demand for a large IPO in a Section 11 securities litigation involving a social media company
• Analyzing intraday security price movements and market efficiency across multiple exchanges involving a multinational pharmaceutical manufacturing company

Financial markets and institutions

Dr. Osborn has analyzed financial market structures and trading conduct in matters involving global financial benchmarks, foreign exchange (FX), and derivatives trading practices. Representative engagements include:

• Analyzing trading in interest rate derivatives with respect to alleged manipulation of LIBOR and other global financial benchmarks
• Evaluating detailed market order book data to assess allegations of trader misconduct, including “spoofing”
• Examining financial market structures, central clearing arrangements, and prime brokerage services in an antitrust matter involving stock lending
• Assessing trade acceptance practices of liquidity providers in FX markets

Corporate finance research and media coverage

Dr. Osborn’s academic work on corporate finance has been published in the Journal of Financial and Quantitative Analysis. He regularly speaks on valuation and damages topics and his professional research has been featured in the Financial Times, Reuters, the Wall Street Journal, and the Washington Post, among other business and legal news outlets.