Dr. David Tabak, Senior Vice President, NERA Economic Consulting to Speak at KCís Securities Law: Fraud-on-the-Market Theory Demystified Live Webcast
New York, NY, February 15, 2013 --(PR.com
)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Dr. David Tabak, Senior Vice President, NERA Economic Consulting will speak at the Knowledge Congress’ webcast entitled: “Securities Law: Fraud-on-the-Market Theory Demystified.” This event is scheduled for July 23, 2013 from 12:00pm – 2:00pm (ET).
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About Dr. David Tabak
Dr. Tabak is a member of NERA’s Securities and Finance Practice. In the area of securities class actions, Dr. Tabak has testified on topics including class certification, liability, materiality, affected trading volume, and damage calculations. He has also testified on valuations of equity, financial derivatives, fixed-income instruments, businesses, and litigation settlements.
Dr. Tabak has published in his areas of expertise, including peer-reviewed articles in Litigation Economics Review and the Journal of Forensic Economics. His publications have covered topics such as commercial disputes, economic analysis of market efficiency, valuation discounts for lack of marketability, and the application of statistics in litigation analyses. Dr. Tabak has been an invited speaker at the Securities and Exchange Commission and a presenter at forums that provide continuing legal education credits or continuing professional education credits for appraisers.
About NERA Economic Consulting
NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For over half a century, NERA’s economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world’s leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance, and litigation.
NERA’s clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence. Our clients rely on the integrity and skills of our unparalleled team of economists and other experts backed by the resources and reliability of one of the world’s largest economic consultancies.
The fraud-on-the-market doctrine (FOTM) is essential to class-action plaintiffs in securities fraud cases. The United States Supreme Court approved this doctrine in in 1988 in Basic v. Levinson as a means to overcome individualized reliance issues. FOTM is based on the theory that when a security is traded in an efficient market, all public information is reflected in the market price of the security and it can then be assumed that an investor who buys or sells stock at the market price relies upon all public statements. If a defendant can defeat FOTM's rebuttable presumption, it defeats class certification and effectively prevails on the case.
The Supreme Court recently suggested it may be willing to revisit the wisdom behind FOTM. In a brief concurrence in Amgen v. Connecticut Retirement Plans & Trust Funds, Justice Alito stated that he joined the majority opinion "with the understanding that the petitioners did not ask us to revisit Basic's fraud-¬on-the-market presumption," and stressed that he and the three dissenting Justices believe that in light of post-Basic developments in economic theory, "reconsideration of the Basic presumption may be appropriate.
Understanding FOTM and developments in economic theory will be even more important to both shareholders and companies in future securities fraud cases. In this two-hour Live webcast, a panel of thought leaders and practitioners will provide an in-depth analysis of FOTM by citing relevant cases and court decisions and offering substantive information regarding its implications on the presumption of reliance in securities fraud cases, as well as class certification proceedings and materiality. In addition, this presentation will provide practical guidance to effectively use FOTM or defeat the presumption in a securities fraud case. Join them in this live, virtual webinar and get a chance to pose questions to the speakers during the live Q&A session.
About The Knowledge Group, LLC/The Knowledge Congress Live Webcast Series
The Knowledge Congress was established with the mission to produce unbiased, objective, and educational live webinars that examine industry trends and regulatory changes from a variety of different perspectives. The goal is to deliver a unique multilevel analysis of an important issue affecting business in a highly focused format. To contact or register to an event, please visit: www.knowledgecongress.org.