ROBERT CHANG
Co-Head of Financial and Securities Litigation
Director
Fideres have been at the forefront of securities litigation developments across the globe. We provide a range of services to suit the different legal frameworks where we operate: from standardised market efficiency and event studies reports in the US and Australia, to more customised damages assessments produced using different methodologies in the UK and the EU.
In the US, Fideres have extensive experience in evaluating plaintiff specific and class-wide damages for numerous Section 10b, Section 11 and Section 14 class actions. We have built an efficient infrastructure to model and estimate damages in a timely manner (within 24 hours). We also provide preliminary opinions on damages and merits for case evaluation.
Fideres is closely involved in many first of its kind securities litigations outside of the US (UK, Germany, Netherlands, Denmark, etc.). For these jurisdictions (where there is limited or no established precedence), we provide litigation funders and law firms robust and tested support through all phases of litigation, including book-building, data management, evaluation of factual allegations, damages estimation and expert reports.
For any Securities Litigation related enquiries please contact Robert Chang at robert.chang@fideres.com
Damages assessment for filing and submission
Preparation of quantum particulars for pleading
LIFO/FIFO damages calculations
Class-wide damages estimation
Quantum report and expert testimony
Presentation of transaction data and loss report
Event studies
Market efficiency analysis
Preliminary damages modelling
Estimation of claim values for book-building and arranging of funding or ATE
Collecting, reconciling and processing transaction data
Managing Q&A with claimants and custodians and data interpretation
Secure data storage and access
Stock market monitoring to identify abnormal price movements caused by company disclosures
Identification of significant price drops following misrepresentations found in the prospectus of listed companies
Fideres has been involved in the landmark RBS rights issue and Tesco accounting fraud cases in the UK. With a relatively nascent procedural history in the UK, Fideres has been at the forefront of putting forward damages methodologies for securities litigation claims based on our experience in other jurisdictions. Sample cases include:
Mercy Investment Services, Inc. & Ors v Standard Chartered Plc, Claim No: FL-2020-000038 and FL-2021-000011
Barclays Plc Securities Litigation, FL-2020-000051
Tesco Securities Litigation, FL-2020-000029
The Royal Bank of Scotland Securities Litigation, [ 2014] EWHC 227 (Ch)
Fideres has conducted over 150 event study reports and damages assessments for Section 10b and 11 cases in the US. We provide expert services at all stages of securities litigation from pre-filing damages reports to class certification and merits expert reports as well as settlement plan of allocations. Our testifying experts have an extensive track record in share, ADRs, bonds and derivatives. Sample cases include:
Owens v. FirstEnergy Corp., 2:20-cv-03785
Torres v. Berry Corp., 3:20-cv-03464
Wells Fargo & Company Securities Litigation, 1:20-cv-04494
Williams v. CBL & Associates Properties, Inc., (JRG1) 1:19-cv-00181
Ali v. Franklin Wireless Corp., 3:21-cv-00687
Tremblay v. Clover Health Investments, Corp., 3:21-cv-00138
Desvarieux v. Axiom Holdings, Inc., 1:17-cv-04756
Hays v. American Century Capital Portfolios, Inc., 3:21-cv-08625-CRB
Bond v. Clover Health Investments, Corp. et al., 3:21-cv-00096
Euain Browne and Faisal Yasin v. Horizons ETF Corp., CV-20-00646401-00CP
Sculptor Master Fund Ltd v. Perrigo Co. Plc, 2:19-cv-04900-MCA-LDW
Tesla Inc. Securities Litigation, 3:18-cv-04865
Pelletier v. Endo International Plc, 2:17-cv-05114
Lehigh County Employees’ Retirement System v. Novo Nordisk A/S, 3:17-cv-00209
Ontario Teachers’ Pension Plan Board v. Teva Pharmaceutical Industries Ltd., 3:17-cv-00558
Mylan N.V. Securities Litigation, 1:16-CV-07926 (JPO)
Fleming v. Impax Laboratories Inc., 4:16-cv-06557-HSG
Utesch v. Lannett Company Inc., 2:16-cv-05932
Speakes v. Taro Pharmaceutical Industries, Ltd., 1:16-cv-08318
Fideres has been the expert on some of the largest European securities cases in history: Deutsche Telekom, Steinhoff, Wirecard and Danske. Our key added value is provided through our dedicated data team who manage the full process of reconciliation and processing of claimant transaction data in order to provide individual claimant damages estimates for our clients. Our multi-jurisdictional experience (e.g. Germany, Netherlands, Denmark) allows us to calculate damages quantum using a range of methodologies and provide expert opinions based on established frameworks from other jurisdictions. Sample cases include:
Deutsche Telekom AG Securities Litigation, 151220BXIZB24.16.0
Wirecard Securities Litigation, 1542 IN 1308/20
Danske Bank Securities Litigation
Steinhoff Securities Litigation
Fideres has been retained in an expert capacity on disputes related to wrongful conduct within the fund management industry that have resulted in losses to consumers and institutional investors. Our works includes identifying evidence of closet indexing by fund managers in Canada, the US and Europe and breaches of investment policies and guidelines by fund managers. Sample cases include:
Hays v. American Century Capital Portfolios, Inc., 3:21-cv-08625-CRB
Misrepresentation of fund’s liquidity prior to suspension ETF’s funds liquidity, CV-20-00646401-00CP
Iowa Public Employees’ Retirement System v. Bank of America Corporation, 1:17-cv-06221
Annabelle McCorquodale and Robert Cummings v. RBC Global Asset Management Inc., VLC-S-S-193820
Dean Turpin v. TD Asset Management Inc., VLC-S-S-194222
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