Ceren Canal Aruoba



  • Washington


Ceren Canal Aruoba provides economic and financial analyses for complex business litigation matters involving pharmaceuticals, healthcare, intellectual property, marketing, and antitrust issues. She supports clients and experts through all phases of litigation, including deposition and trial. Ms. Canal Aruoba has worked on the design and implementation of consumer and professional surveys.

Pharmaceuticals and healthcare

Ms. Canal Aruoba has expertise in average wholesale price (AWP) litigation for both branded and generic manufacturers. In these matters, she has analyzed manufacturers’ price reporting practices, payors’ reimbursement policies, and their impact on pharmacies. Her research on pricing issues examines generic drugs and recent price spike allegations.

She has addressed damages and commercial success issues in Hatch-Waxman Paragraph IV cases. Ms. Canal Aruoba also has extensive experience working with large claims datasets, including matters involving healthcare insurers, health plans, and hospitals.

Antitrust and competition

Ms. Canal Aruoba consults on antitrust and competition cases with a focus on “failing firm” defense and efficiencies analyses. Her recent experience includes the DOJ’s successful challenge in United States v. EnergySolutions Inc. et al., in which she supported our expert’s rebuttal of the opposing parties’ failing firm defense. She has addressed similar issues in the healthcare, food, and online gaming industries.

She also has supported a testifying expert in a matter involving allegations of attempted monopolization, collusion, and price fixing. In this case, she supervised analyses on common impact issues with respect to class certification, developing econometric models to estimate damages and incorporating discovery into data analyses.

Valuation and damages

Ms. Canal Aruoba has conducted valuations and calculated damages in a variety of contexts involving merger and acquisition (M&A) litigation, lost profits, and the analysis of specific assets such as pharmaceuticals, uranium contracts, turbines, and flood insurance. She has experience using econometric techniques as well as discounted cash flow (DCF) and comparables valuation methodologies.


Guzman et al. v. Polaris Inc. et al.

Press Release

Cornerstone Research Staff and Affiliated Experts Submit Comments to the Joint FTC-DOJ Inquiry on Merger Enforcement


In the Matter of DraftKings Inc. and FanDuel Limited


Online Marketing


Reimagining the Consumer Decision Journey


5 Questions with Greg Eastman and Ceren Canal Aruoba: The Horizontal Merger Guidelines and the Failing Firm Defense


COVID-19 Implications for Pharmaceutical Litigation

Press Release

Cornerstone Research Announces Senior Staff Promotions to Principal