Kyle Milliken has over fifteen years of experience consulting on matters involving securities, valuation, risk management, market microstructure, and antitrust claims in financial markets. Mr. Milliken has substantial big data expertise, including complex programming and analytics, and has assessed proprietary and public data related to trading, orders and order books, tax lots, mortgage payments, company sales, and payroll and human resources, among others.
Mr. Milliken supports prominent academic and industry experts testifying in litigation in federal and state courts and in arbitrations. He has also consulted to clients on all stages of regulatory and internal investigations, civil litigation, and criminal litigation matters, including those involving the Department of Justice (DOJ), the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Financial Industry Regulatory Authority (FINRA). Mr. Milliken has worked across a variety of industries, with a particular focus on financial institutions.
Securities
Mr. Milliken has extensive experience with securities matters involving Rule 10b-5 and Section 11/12 claims. He supports experts addressing market efficiency, price impact, negative causation, loss causation, damages, and materiality issues. He was worked on matters in a wide range of industries in these contexts, including consumer goods, financial institutions, healthcare, heavy manufacturing, media and entertainment, oil and gas, retail, pharmaceuticals, and technology.
Mr. Milliken has analyzed common stock, preferred stock, American Depositary Receipts (ADRs), fixed income securities, and options.
He has worked on several high-profile cases in which the court denied class certification, such as In re January 2021 Short Squeeze Trading Litigation (the Robinhood meme stock matter).
Valuation
Mr. Milliken has consulted on a variety of matters involving valuation of financial assets, credit derivatives, equity swaps, futures, options, structured products, and convertibles. He has valued individual assets and companies, including in the context of appraisal litigation. Mr. Milliken has also valued private equity (PE) and venture capital (VC) firms and portfolios.
Market microstructure
In matters involving trading and financial markets, Mr. Milliken has analyzed a variety of issues, including market manipulation and collusion allegations, claims of disruptive trading violations such as spoofing, broker best execution assessments, order routing strategies, price impact of trading, cost of block sales, option trading, market making, and regulatory investigations of brokers and dark pools.
Risk management
Mr. Milliken has consulted on a variety of financial institution risk management matters, including assessing firm-level risk management architecture and organization, industry practices, margin setting, and specific risks arising with particular clients, positions, or strategies.