Alexander “Sasha” Aganin

Senior Vice President

Contact

  • Silicon Valley

Education

Sasha Aganin heads Cornerstone Research’s financial institutions practice. Dr. Aganin plays a leading role in the firm’s securities and commodities work, as well as in antitrust matters related to financial markets and institutions. He has extensive experience with regulatory and litigation matters involving private equity, bankruptcy, asset management, M&A, and corporate governance. Dr. Aganin has assessed economic losses, loss causation, and valuation for companies and investors in a wide range of industries and across all classes of financial instruments. Many of his cases involve risk analysis, modeling, and analyses of big data. His FinTech experience includes matters related to cryptocurrency exchanges and cryptotoken economics.

Dr. Aganin has experience in all phases of litigation, including deposition and trial, and regularly leads large teams working with multiple experts. He has also worked on a variety of internal investigations, and appeared before the enforcement staffs of the SEC, FINRA, and state attorneys general (AGs) on behalf of clients.

Dr. Aganin has coauthored publications on securities class action filings, damages in bankruptcy matters, corporate ownership, valuation, and equity financing. He has also spoken at legal and academic conferences on these topics.

Securities and commodities

Dr. Aganin has consulted on numerous notable matters, including:

He served as the testifying expert in In re Finisar Corporation Securities Litigation, a Section 10(b) matter in which class certification was denied for lack of price impact.

Dr. Aganin’s diverse experience in securities and commodities matters also includes:

  • Testifying on class certification issues, loss causation, and damages
  • Analyzing materiality, loss causation, and damages related to stocks, bonds, mutual funds, mortgage- and asset-backed securities, and cryptocurrencies
  • Assessing alleged market manipulation (e.g., through short sales, spoofing, laddering)
  • Addressing possible insider trading in various settings
Finance and antitrust

Dr. Aganin has addressed a range of issues related to market structure, competition, class certification, and damages, including in:

  • In re Initial Public Offering Securities Litigation
  • Municipal derivatives antitrust investigations
  • Antitrust matters involving private equity, LIBOR, foreign exchange, U.S. treasuries, and government-sponsored enterprise (GSE) bonds. Many of these projects required analyses of datasets involving several terabytes of data.
Private equity

Dr. Aganin is an expert on the economics of private equity and hedge funds, including investment and financing strategies, competition, structure of funds, drivers of value, and compensation issues. His case experience includes:

  • Valuing a venture capital management company
  • Analyzing investment and exit strategies, performance, and valuation of portfolio companies of a venture capital fund
  • Valuing a company in the context of a post-leveraged buyout dispute
  • Addressing damages in a lawsuit brought by trustees of a failed fund of hedge funds against a third party
Bankruptcy and financial distress

In bankruptcy matters, Dr. Aganin’s case experience includes Unsecured Creditors of Iridium v. Motorola Inc., as well as:

  • Assessing solvency, capital adequacy, ability to pay debt, and value exchanged in alleged fraudulent transfers
  • Testifying on damages
  • Analyzing damages related to “deepening insolvency”
Asset management

In numerous matters involving mutual funds and other traditional asset managers, Dr. Aganin has wide-ranging expertise, such as:

  • Calculating the impact of errors in an algorithmic trading strategy and in valuation of illiquid bonds on customer accounts
  • Investigating the consistency of regulatory reporting of data by financial institutions
  • Addressing damages in mutual fund matters
M&A and corporate governance

Dr. Aganin has addressed M&A and corporate governance issues in a variety of litigation settings, including appraisals (e.g., In re Appraisal of Stillwater Mining Company), takeover defenses (e.g., Allergan Takeover Bid), and post-close disputes.

Risk analysis and modeling

Dr. Aganin applies sophisticated risk analysis, modeling, and statistical techniques across a variety of finance matters. His notable case experience includes assessing “Economic Equivalence” of Reference Obligations in a CLO and addressing effective ownership issues in CSX v. TCI et al. Additional expertise includes:

  • Analyzing hedging by counterparties to total return swap contracts
  • Evaluating the sensitivity of asset-backed securities values to interest rates
  • Valuing cash flows from management of pension fund assets using Monte Carlo simulations
  • Analyzing the profitability and risk of hedge fund investment strategies
  • Summarizing risk characteristics of a portfolio of derivative securities
Press Release

Securities Class Action Filing Activity Plummeted in 2021

Report

Securities Class Action Filings—2021 Year in Review

Report

Securities Class Action Filings—2021 Midyear Assessment

Press Release

Number of Securities Class Action Filings Falls to Lowest Level Since 2015

Event

Rising Trends and Hot Topics in Securities Litigation

Press Release

Securities Class Action Filing Activity Falls in 2020 Amid Global Pandemic

Report

Securities Class Action Filings—2020 Year in Review

Report

Securities Class Action Filings

  • “How a Damages Expert Can Stumble over the Balance Sheet,” Bankruptcy and Insolvency Litigation Committee, American Bar Association, Spring 2013     
  • “Trends in Securities Filings and Settlement: Looking Back Over 2019-2021 and What the Future May Bring,” New York City Bar’s 10th Annual Securities Litigation & Enforcement Institute, 9 February 2022
  • “Rising Trends and Hot Topics in Securities Litigation,” Cornerstone Research, 14 April 2021
  • “Trends in Securities Filings,” 9th Annual Securities Litigation & Enforcement Institute, New York City Bar, 26 February 2021
  • “Statistics on Trends in Case Filings,” 8th Annual Securities Litigation & Enforcement Institute, New York City Bar, 29 January 2020
  • Trends in Securities Filings,” 7th Annual Securities Litigation & Enforcement Institute, New York City Bar, 23 January 2019
  • “Cyan, Inc. v. Beaver County Employees Retirement Fund: What It Means; What We Can Expect,” New York County Lawyers Association, 29 March 2018
  • “The Role of Statistics in Securities Case Filings,” 6th Annual Securities Litigation & Enforcement Institute, New York City Bar, 14 March 2018
  • “Trends in Securities Litigation,” New York County Lawyers Association, 13 December 2017
  • The Exploding Role of Big Data and Technology in Securities Enforcement, Regulation and Defense,” Securities Enforcement Forum West 2017, 10 May 2017
  • “Secondary Market for LP Investments in Private Equity,” San Francisco Bank Attorneys Association, 1 May 2017
  • Antitrust and Regulation in Financial Markets: Navigating New Challenges, Cornerstone Research and the NYU Pollack Center for Law & Business, 19 May 2016
  • “Insider Trading, Whistleblowers, and the Expanding Role of Big Data in Securities Enforcement,” Securities Enforcement Forum West 2016, 12 May 2016
  • “Insider Trading, Whistleblowers, and Other 2015 Enforcement Priorities,” Securities Enforcement West 2015, 13 May 2015
  • Litigation Regarding Credit Default Swaps (CDS),” New York City Bar Association, 25 February 2014