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Securities 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

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.

28 September 2023

Parallel Derivative Action Settlements Update

This research update analyzes settlement outcomes for 95 parallel derivative actions between 2019 and 2022.

25 July 2023

Securities Class Action Trend Cases

From COVID-19 to SPACs, several new trends have appeared in core filing activity in recent years.

20 July 2023

Securities Class Action Filings–2023 Midyear Assessment

The number of securities class action filings increased in the first half of 2023.

23 June 2023

SEC Cryptocurrency Enforcement: June 2023 Update

In the first months of 2023, the SEC has notably ramped up its cryptocurrency-related enforcement.

12 April 2023

Accounting Class Action Filings and Settlements—2022 Review and Analysis

The number of securities class action filings involving accounting allegations increased slightly in 2022 but remained below historical average.

5 April 2023

Appraisal Litigation in Delaware—Trends in Petitions and Opinions, 2006–2022

Court-awarded premiums have also fallen sharply as court rulings have relied more on market evidence and deal price.

7 March 2023

Securities Class Action Settlements–2022 Review and Analysis

In 2022, the number of settled cases reached its highest level in 15years, increasing 21% relative to 2021.

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