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Securities Litigation Capabilities

Cornerstone Research provides rigorous financial and statistical analysis and expert testimony in all phases of Rule 10b-5 and Section 11 matters. Drawing on decades of academic research and practical experience on security price formation, we have developed innovative approaches to evaluating alternative damages scenarios.

We analyze market efficiency, price impact, potential damages methodologies, trading behavior (including use of Rule 10b5-1 plans), and reliance by class members. Cornerstone Research staff and affiliated experts consistently have defined leading analytical methods relating to class certification in cases across a wide range of industries and securities.

We work with clients in litigation and regulatory matters spanning the full spectrum of fixed income securities, and interest rate and credit derivatives. With expertise in all major transaction types and markets, our staff and experts address a broad range of issues related to:

  • Pricing and valuation
  • Investment and risk management
  • Bond event studies and market efficiency
  • Suitability and disclosure adequacy
  • Credit ratings and default
  • Alleged market manipulation and collusive trading practices

We provide consulting and expert testimony in securities fraud trials, supporting attorneys to develop effective litigation strategies. Our analyses have been cited in trial verdicts, summary judgment decisions, and Daubert challenges.

Cornerstone Research’s recent securities litigation experience includes matters involving securities such as common stock, American Depositary Shares, American Depositary Receipts, fixed income securities, and options. Claims addressed include Rule 10b-5, Section 11, Section 12(a), and insider trading, with allegations relating to accounting and financial reporting, business prospects, company operations, and government investigations and approvals, among others. The matters span many industries including life sciences; healthcare; financial institutions; telecom, media, and entertainment; energy; and manufacturing.

Featured Cases

Featured Publications

3 April 2024

Accounting Class Action Filings and Settlements

This Cornerstone Research report compares accounting case filings and settlements to overall securities class action trends.

3 April 2024

Accounting Class Action Filings and Settlements—2023 Review and Analysis

The number of securities class action filings involving accounting allegations increased by nearly 10% in 2023 compared to 2022.

6 March 2024

Securities Class Action Settlements–2023 Review and Analysis

The number of securities class action settlements declined 21% in 2023 relative to 2022, following the 15-year high set in 2022.

29 February 2024

Securities Class Action Settlements

Our yearly report discusses these findings and trends in securities class action settlements.

30 January 2024

Securities Class Action Filings—2023 Year in Review

The number of securities class action lawsuits increased slightly in 2023, reversing the trend of decline over the last three consecutive years.

24 January 2024

SEC Cryptocurrency Enforcement: 2023 Update

The SEC brought 46 enforcement actions against various digital-asset market participants in 2023.

9 January 2024

Securities Class Action Filings

Cornerstone Research, in cooperation with the Stanford Law School Securities Class Action Clearinghouse, publishes a series of reports on securitie...

15 November 2023

SEC Enforcement Activity: Public Companies and Subsidiaries—Fiscal Year 2023 Update

The SEC filed 91 enforcement actions against public companies and subsidiaries in fiscal year 2023, a 34% increase over FY 2022.

10 November 2023

SEC Enforcement Activity

Cornerstone Research collaborates with NYU to publish an annual publication analyzing trends in SEC enforcement actions against public companies an...

24 October 2023

Opt-Out Cases in Securities Class Action Settlements: 2019–H1 2022 Update

The percentage of securities class action settlements with at least one putative class member opting out has increased in recent years.

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