Archive for February, 2015

China Natural Gas Securities Litigation

February 03, 2015  |   News   |     |   0 Comment

On 30 January 2015, the United States District Court for the District of Delaware granted default judgment against a defendant in the securities class action case involving China Natural Gas, Inc.  Crowninshield Financial Research Senior Expert, Peter Lert, Ph.D., CFA, conducted research and analysis establishing loss causation and damages.  The Court wrote, “Plaintiffs’ expert has determined the amount Plaintiffs lost as a result of the Defendant’s misrepresentations and omissions. … Plaintiffs have shown through an ...

Pfizer Securities Litigation

February 03, 2015  |   News   |     |   0 Comment

On 27 January 2015, parties in the Pfizer securities litigation (Mary K. Jones, Individually and on Behalf of All Others Similarly Situated, v. Pfizer Inc., et al.) reached an agreement to settle the case for $400 million.  Plaintiffs alleged that Pfizer made misstatements related to off-label marketing and associated consequences.  Professor Steven Feinstein of Babson College and Crowninshield Financial Research provided expert reports and deposition testimony about market efficiency, loss causation, and the quantification of ...

AIG Securities Litigation

February 03, 2015  |   News   |     |   0 Comment

On 4 August 2014, parties in the American International Group 2008 Securities Litigation agreed to a settlement of $970.5 million.  Plaintiffs had alleged that Defendants misrepresented the company’s condition, including exposure to credit default swaps, during the Class Period, 16 March 2006 to 16 September 2008.  Professor Steven Feinstein of Babson College and Crowninshield Financial Research conducted research and analysis, and testified about the efficiency of the markets for AIG’s common stock, preferred stock, and ...

Blackstone Securities Litigation

February 03, 2015  |   News   |     |   0 Comment

On 29 August 2013, The New York Times reported that parties in the Blackstone securities litigation (Landmen Partners, Inc. vs. The Blackstone group L.P, et al.) agreed to a settlement. Plaintiffs had alleged that Blackstone had failed to disclose adverse trends and material risks in Blackstone's IPO filing back in June 2007. The court relied on Dr. Steven Feinstein's analysis of unit price drops in approving the settlement. Additional information about this case is available here.  

Longtop Financial Technologies Jury Verdict

February 03, 2015  |   News   |     |   0 Comment

On 20 and 24 November 2014, Professor Steven Feinstein of Babson College and Crowninshield Financial Research testified in Federal Court in the Longtop Financial Technologies securities class action lawsuit.  The subject of the testimony was loss causation and shareholder damages.  The jury found in favor of Plaintiffs and accepted the proffered loss causation findings and damage estimates.   Additional information is available here.