Securities Litigation

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 standardized market efficiency and event studies reports in the US and Australia, to more customized 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

Team

Experts

Services

Original Investigations

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

Creative Problem Solution

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

High Quality Expert Work

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

Track record

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:

  • The Royal Bank of Scotland securities litigation, UK – expert consulting appointment to analyse the rights issue prospectus and identify statements constituting misrepresentation [2014] EWHC 227 (Ch)
  • Tesco securities litigation, UK – expect consulting appointment to build damages model and assess damages for a group of large shareholders

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:

  • Over 100 event studies and market efficiency analysis
  • Franklin Wireless Securities Litigation, US – Ali v. Franklin Wireless Corp. et al., 3:21-cv-00687
  • CBL Securities Litigation Class Action, US – Merelles v. CBL & Associates Properies, Inc. 1:19-cv-00181-JRG-CHS
  • Clover Securities Litigation Class Action, US – Bond v. Clover Health Investments, Corp. et al,  3:21-cv-00096
  • AXIOM Holding securities litigation, US – Desvarieux v. Axiom Holdings, Inc., 17-CV-4756 (JPC)
  • Tesla 10b(5) securities litigation, US – In re: Tesla Inc. Securities Litigation, 3:18-cv-04865 / 3:18-cv-04865-EMC
  • Mylan 10b(5) securities litigation, US – In re: Mylan N.V. Securities Litigation, 1:16-CV-07926 (JPO)
  • Euain Browne and Faisal Yasin v. Horizons ETF Corp. securities litgation, Canada – Economic report, assessing fraudulent conduct and damages to investors, CV-20-00646401-00CP
  • American Century securities litigation, US – Hays v. American Century Capital Portfolios, Inc., 3:21-cv-08625-CRB
  • Perrigo 10b(5) securities litigation, US – Sculptor Master Fund Ltd v. Perrigo Co. Plc, 2:19-cv-04900-MCA-LDW
  • Teva 10b(5) securities litigation, US – Ontario Teachers’ Pension Plan Board v. Teva Pharmaceutical Industries Ltd., 3:17-cv-00558
  • Endo 10b(5) securities litigation, US – Pelletier v. Endo International Plc, 2:17-cv-05114
  • Taro 10b(5) securities litigation, US – Speakes v. Taro Pharmaceutical Industries, Ltd., 1:16-cv-08318
  • Lannett 10b(5) securities litigation, US – Utesch v. Lannett Company Inc., 2:16-cv-05932
  • Impax 10b(5) Class Action Generic Drug Manufacturer Antitrust Analysis, US – Fleming v. Impax Laboratories Inc., 4:16-cv-06557-HSG

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, Germany – expert witness appointment to assess damages on shareholders, 151220BXIZB24.16.0
  • Steinhoff securities litigation, Netherland – consulting expert work to assess damages
  • Wirecard securities litigation, Germany – consulting expert work to assess damages, 1542 IN 1308/20
  • Danske Bank securities litigation, Denmark – consulting expert work to assess damages

News and Research

Filter

Research

Weigh Your Options Carefully

June 28, 2022
Fideres discusses the importance of implied volatility in securities litigation involving options.
News

Fideres Advises On Steinhoff Securities Litigation

February 28, 2022
Fideres was retained by Evers Soerjatin on a Dutch securities litigation case against Steinhoff International Holdings NV, funded by Burford Capital. The Steinhoff settlement is the second largest securities litigation…
Research

Metro Bank’s Accounts

March 11, 2019
Mind the gap.
Research

Keeping Your Options Open

February 18, 2019
Damages in 10b-5 claims.
Dan BrockettPartner, Quinn Emanuel Urquhart & Sullivan LLP

“Fideres provided us with innovative quantitative analysis that was critical for building this CDS anti-trust case against major dealers. In addition to... [quantifying] the amount of damages, they clearly briefed me and my team on the technical aspects of the CDS market.“

Jeremy LiebermanManaging Partner, Pomerantz LLP

“Fideres have provided our firm with input on various aspects of 10b5 claims, including class-wide damages and market efficiency assessments. They are responsive and their reports clear and to the point.”

Bill SchervishDirector, Labaton Sucharow

“I have engaged Fideres on several securities fraud cases. They have provided our firm with prompt and precise event studies, even in non-standard cases that required innovative approaches.”

Philip YoungPartner, Cooke, Young & Keidan LLP

“Fideres combines top class financial knowledge with a creative approach in order to provide innovative insights into LIBOR.... They have thoroughly researched and are leading experts on the technical aspects of LIBOR and are professional, reliable and a pleasure to work with.”

Michael EisenkraftPartner, Cohen Milstein Sellers and Toll PLLC

“Over the years I have worked closely with Fideres’s research team to investigate new antitrust matters. Their novel investigative approach has led us to work together on several new potential cartel cases and assess their viability at an early stage.”

Michael SternhellDirector, Burford Capital LLC

"We have worked with Fideres on several complex securities matters. They have assisted with damages modeling and estimation at the client-outreach stage through to claims filing, in mediation and during the settlement process. Fideres has extensive experience in damage quantification across security types and is a very reliable partner to work with.”

John DayDirector, DaySparkes Ltd

“We have worked with Fideres in relation to several interest rate misselling matters. Their consultants provided us with effective guidance on a variety of aspects, ranging from the valuation of financial instruments, to the bank’s conduct in relation to the... pricing of such instruments.”

Sharif ShivjiBarrister, 4 Stone Buildings

“I have always found Fideres to be excellent experts. Their work is thoughtful, accurate and displays their valuable real world market experience. They understand the role of an expert in litigation well.”

Laura PosnerPartner, Cohen Milstein Sellers & Toll PLLC

“Fideres has consistently produced event studies reports within 24-hours of the request. The speed of the turnaround time has been impressive. They have provided useful insights and charts to explain complex concepts involved in securities litigation filings.”

David KovelPartner, Kirby McInerney LLC

“We have used Fideres’s expertise in several commodity market and benchmark manipulation cases. Their knowledge of the financial sector, in particular, has been... valuable to the development and success of the matters we have engaged them on.”